An executor is an individual named in a will to carry out the wishes of the deceased during the probate process. It is a job that few people are fully prepared for, and our California estate planning outlines everything you need to know about the role below.
Filing a Petition
The first step in the process is for the executor to file a petition with the probate court. This step also includes validating the will before distributing any assets.
Sending Notices to Beneficiaries
Executors are also responsible for identifying and notifying anyone named in the will, relatives who stand to gain an inheritance, and any creditors the administrator becomes aware of when preparing the last of the decedent’s financial documents.
Taking Inventory and Paying Debts
The administrator will then take the time to comb through all of the decedent’s assets to make sure each item is accounted for and determine the total value of the estate. This includes determining the value of property like real estate, artwork, and antiques.
Once someone passes away, their personal debts become the debts of their estate. The executor is responsible for paying the appropriate estate taxes, as well as any outstanding debts on behalf of the decedent. This also includes closing any other accounts related to finances or retirement.
The final duty of the executor during the probate process is making sure each item of property or asset in the estate is given to the proper beneficiaries. Once complete, the estate is then closed by filing a petition with the court to dissolve it.
Contact Our Laguna Woods Estate Planning Team Today
We understand that the probate process can be a daunting and stressful task. At Law Offices of Steven Giammichele, we are dedicated to helping you make sure the process is as smooth and efficient as possible for all parties involved.
If you are looking for experienced and compassionate legal representation, contact us today through our website or give us a call at (949) 303-7811 to schedule your consultation today!