Understand these things when chosen as an estate executor

understand these things when chosen as an estate executor.jpg

Being chosen as the executor of an estate is nothing to sneeze at. It is an important legal role that should be taken very seriously. You never know when you might have to make decisions on behalf of the person named in the estate. That’s why you need to prepare the minute you are asked to be an executor. This will make the transition period easier when the time comes to handle the affairs of the estate in Fort Myers.

One of the most important things you will be responsible for when chosen as the executor of a will is collecting the assets of the deceased and then distributing them amongst their beneficiaries or inheritors. You might also be required to make decisions about selling property or other assets as described in the will.

Another role you will be responsible for is filing the tax returns for the decedent. This includes income tax, estate tax and any other taxes that are required. This is best done with the help of an experienced tax attorney or certified public accountant so no mistakes are made.

There are other minor items you could be responsible for when named the executor of a will. These things include closing credit lines, paying creditors, paying utility bills, managing asset accounts and much more.

Estate planning is not just for those who are putting together their own will and testament. People who are chosen to be executors, powers of attorney, guardians and other legal entities should prepare ahead of time so they are not lost when it comes time to handle everything.

FindLaw Network