While a particularly close loved one was still alive, he or she may have approached you about taking on the role of executor for his or her estate. Perhaps you felt caught off guard or honored by the request, but either way, you chose to accept this position. You may not have given much thought to the amount of work that goes into handling the necessary duties associated with acting as executor, and now that your loved one has passed, you may wonder what you are in for.
Though you know that an executor ensures that the estate properly moves through the probate process as necessary, you may not know what specific duties that action entails. There are several actions that you will need to address with careful consideration in hopes of making sure that you complete the tasks correctly.
Filing the will with the court
One of the first steps you will need to take as executor relates to getting the probate proceedings started. By filing the decedent’s will with the probate court, the court will determine the validity of the will. If the conclusion indicates a valid will, you should follow the terms of the document when it comes to asset distribution and other related actions.
Gathering and protecting assets
Because your role will involve the distribution of estate assets, you will need to gather and protect those assets. Some individuals may attempt to stake claim to a certain piece of property to which they have no right, and you may need to take the necessary steps to ensure that the right beneficiary receives the asset. Additionally, if certain items are not addressed in the will, it may also fall to you to determine what assets should go through an estate sale and which should remain with the family.
After the will has been deemed valid, you will need to contact the named beneficiaries and provide them with information regarding the probate proceedings. You will also have to make sure that each beneficiary receives the property your deceased loved one intended him or her to have.
When closing an estate, many financial affairs also need addressing. You may need to handle outstanding debts, pay taxes, close bank accounts or numerous other finance-related activities.
Closing an estate
The probate process can take a considerable amount of time and effort. If you find yourself feeling overwhelmed by the duties you must address, you could consider seeking professional assistance. Consulting with a Nevada attorney could help you move through the probate process more smoothly.