Be Ready to Take These First Steps as an Executor

Be Ready to Take These First Steps as an Executor

The legal definition of an executor is “the person or institution appointed by a testator to carry out the terms of the will.” To accomplish this, probate gives the executor certain authority to manage the affairs of the deceased. This includes using those funds in the best interest of the estate and in executing the wishes of the deceased.

The Complexities

The duties of the executor are wide and varied. In cases where the estate is large, it can be time-consuming and complex. This is why executors are allowed a certain amount of compensation for their service. That amount is up to 4% of the first $100,000 in estate value, 3% of the estate value for $200,000, 2% next 800k, 1% next 9 million, .5% next 15 million, and reasonable above 25 million.

Some people are appointed as an executor with little to no notice, which can make the job a bit more challenging. If you’ve been told by someone that they wish you to be their executor, that can be very helpful.

The first steps to take in performing duties as an executor are similar:

  1. Hire an attorney experienced in estates and probate. First and foremost, working through probate is a legal matter, and you will want someone you can trust to answer your questions along the way. An experienced attorney can be invaluable in offering advice, making suggestions, and guiding you through your duties as an executor.
  2. Find all documents related to the deceased. This includes any outstanding bills, insurance papers, tax-related papers and forms, and any personal notes pertaining to the estate or their wishes.
  3. Apply for probate. This is the legal process that will ultimately close the affairs of the deceased. Your attorney can assist you.
  4. Notify parties of interest. This can range from their bank to their montage company to relatives.
  5. Take care of properties owned by the deceased. This will include everything from their main home, summer or vacation home, rental properties and even maintaining vehicles. It is important these properties be cared for to retain their value.
  6. Pay creditors. Your duties as executor include paying any valid debts by creditors. These may include ongoing debts like utilities and established debts like credit card payments. Your attorney can help determine which debts are “valid.

Then, of course, your duties include filing any outstanding tax forms, distributing assets to the beneficiaries, and closing out the estate. Along the way, there may be a myriad of surprises and challenges to be faced that an experienced attorney can help you with. For those in Sonoma County and throughout California, we invite you to contact the Law Offices of Charles D. Stark.

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Mr. Stark has been a lawyer for over 40 years with a focus on estate planning, wills and trusts, and probate. He keeps his clients connected with their cases and is available to answer their questions. If you are or you anticipate becoming an executor of an estate, contact Charles D. Stark today. Get the professional advice and assistance you need from the start.

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