An estate’s executor has several responsibilities when wrapping up the deceased’s affairs. You may wish to name an individual you can begin discussing your assets and debts with, as noted by Kiplinger’s Personal Finance.
While you’re alive, you may change the contents of your will as many times as necessary. Your executor may, however, need an updated list of your assets and property each time you make a revision.
How may I keep my executor updated on my assets?
By giving your executor copies of the deeds to your properties, it may speed up the transfer of ownership during probate. Making a copy of the keys to your car, safe deposit box and home may help your executor distribute your assets.
If your heirs have a personal relationship with your executor, he or she may find it easier to discuss your will with them. Your executor should also remain objective in case a party contests your will in probate court after you die.
How may an executor handle my financial affairs?
Funds from your estate may go toward paying your creditors and taxes. Your executor may need to access your financial and tax accounts when settling your debts. If you bank online, for example, you may provide your username and password so your executor may review your accounts after death.
When you die, your executor must obtain copies of your death certificate. If you provide information about your life insurance policies and financial accounts with their beneficiaries, he or she can quickly notify the institutions involved.
Executors generally oversee the probate process to distribute assets to heirs. Before your heirs can receive their inheritances, however, your outstanding debts and taxes need settling. You may require an executor experienced with financial matters to facilitate a smooth process.