Whether it be financial distribution or property transfers, the person tasked with handling a deceased person's final wishes is the executor of a will.All debts incurred by the deceased are paid from the estate before the beneficiaries receive their portion.As the executor, you will be in charge of the estate as it goes through the court system.It can happen with or without a will.
Step 1: If you are eligible, check it out.
Sometimes no one is named in wills.Individuals will apply to become the executor.States have different rules about who can be appointed as the administrator of an estate.Most states require that the executor be able to handle his or her own affairs and be at least 18 years old.Some states may require you to be a citizen.Felons can't act as executors in most states.
Step 2: Request an appointment.
You can request a form from the clerk of court if you are eligible.The court's website has forms posted online.It is important that you fill out your state's form.If you want to decline the position, you can file a petition with the court.The court clerk can give you the form.
Step 3: The form needs to be completed.
Follow the instructions on the form.Notating the full name of the deceased is a mistake that should be avoided.
Step 4: The application should be presented to the court.
The correct number of copies should be made.Take the application to the clerk.No appointment is necessary.It is likely that you will have to pay a filing fee.Call ahead of time to inquire about the fee and payment methods.
Step 5: Inform other beneficiaries.
Inform the other beneficiaries that you are applying to be the executor.The notice of application form should be available from the court clerk.
Step 6: If required, get a surety bond.
A surety bond is required by some states.A surety bond protects against wrongdoing.The beneficiaries will be compensated if the executor makes a mistake.Estate assets can often be used to pay the bond.If the will states that the executor does not need a bond, then the bond can be waived.Search online for a surety bond company in your area.You can check with the court clerk.The clerk might have a list of companies.The bond company may want to run a background check on you.
Step 7: Attend the appointment hearing
Interested parties will have a chance to object to the appointment.The hearing is usually a formality and no one objects to the appointment.The court will hold a hearing if someone challenges your appointment.Each side will argue their case at the hearing.You should contact an attorney if you are being challenged.If all interested parties sign waivers, the hearing can be stopped in some states.
Step 8: You can get the letters of administration.
The person who gets a letter of administration is the one who will act on behalf of the estate.You should file a petition with the court if you no longer want to be the executor.A successor will be named if the court finds that you have good cause.The successor executor is usually in the will.The court will consider other family members if not.
Step 9: A filing system is what you should come up with.
If you want to establish a filing system upfront, you should be aware that the executors handle a lot of paper.You won't waste time looking for things.You should think about how you want the documents to be categorized.Money owed by the debtor, money owed to the creditor, tax issues, court forms, and estate expenses are some of the common categories for the executors.binders or hanging files will be created for each category.You can create sub categories once you have categories.You can sub-categorize based on the entity money was owed to: to a mortgage company, auto lender, credit card companies, etc.Copies of bills, correspondence, or notes can be kept in an individual manila envelope.As the process unfolds, adjust your filing system to fit your needs.
Step 10: You have to find the will.
If the person had a will, try to find it.Wills can be found in filing cabinets, desk drawers, and safety deposit boxes.The lawyer of the will may have kept it.You will have to use your state's intestacy laws if you can't find the will.The default rules for how the estate should be distributed are provided by intestacy laws.Discuss this with an attorney.The person who has the will must take it to the court within 30 days of the death.The custodian could be sued for damages if they don't do this.
Step 11: The death certificate can be ordered.
To prove the death, you will need a number of official death certificates.Some certified death certificates are usually arranged for by the mortuary that handles the funeral arrangements.You should ask for at least 10.There is more information on how to acquire a death certificate.
Step 12: Hire an attorney.
It's important to hire an attorney.Florida requires an attorney to go through regular probate.In some states, you are encouraged to have a lawyer who can help you navigate the process and keep you from making mistakes.If you want a referral service, contact your state bar association.Consider location when choosing an attorney.It's a good idea to choose an attorney who practices in the state where the person died.This person is familiar with the relevant estate laws.Expertise.Choose an attorney who has experience in this area.If the estate is large, you should choose an attorney who has experience with that type of estate.If you are dealing with complex trust instruments, you may need to hire a trust expert.There is a personality.You will be in constant contact with the attorney.You should choose someone you like and trust.
Step 13: An accountant is a good hire.
The funds are handled correctly if you hire an accountant to manage them.Paying debts can be made easy by an accountant.An accountant calculates and files the tax bills for the estate.Consider hiring a certified public accountant.A CPA has more experience than a regular accountant.The rates for accountants should be compared.Compare the rates offered by other CPAs in the area by getting an estimate from an accountant.
Step 14: Financial planners can be hired.
Financial planners can help you deal with the accounts of the dead.Financial planners can tell you how to close down accounts, cash them out, transfer them, or invest them.You need to gather recommendations if you want to use the title "financial planner."If you hire an attorney first, you can find a good financial planner.
Step 15: You can contact the SSA.
Contact the agency if the person was receiving benefits from SSA.You have to contact them as soon as possible.SSA will make you pay back benefits if they are paid in error.SSA can be contacted over the phone or at a local office.The office locator can be used to find the office nearest to you.To present to SSA, you must have a copy of the death certificate with you.If applicable, contact Medicaid.
Step 16: Notify the creditor.
A person who dies carries some form of debt, whether it's a mortgage or everyday bills.You have to make a good faith effort to find your debts.Notices should be posted in appropriate newspapers.This notice is needed so that the estate can be sued for the amount of money they are owed.The estate cannot be charged for the debt if the creditor does not step forward within the specified time.
Step 17: Contact the people who owe you money.
Inform those who owe money that they need to make a payment to the estate.You must send a letter to this effect and keep copies on file.To find out how long it will take a debtor to pay their debts, check with your attorney.This information should be included in the letter you send.
Step 18: Let credit card companies know about it.
The credit card companies will need to be notified.The accounts will be closed.The credit cards should be destroyed after the accounts have been closed.The credit card companies will make a claim on the estate.Before distribution of assets to beneficiaries, you should pay off all of the estate's debts.
Step 19: Inform the pension providers.
If the person was eligible for a pension, you should notify the administrator.When pension payments end on death, a lump sum may be owed.
Step 20: Contact the banks.
Write or call any bank that you did business with.If the person still has money in the accounts, you will probably have to provide a copy of the certified death certificate as well as copies of your Letters of Administration or Letters Testamentary.
Step 21: Call the insurance companies.
Inform the insurance company of the death.The funds will be paid to the beneficiaries on time.Look through the papers to see what life insurance policies the person had.Payments can be stopped if you contact other insurers.Car, homeowner's, dental, and health are included in common insurance policies.The estate will save money if those payments are stopped.
Step 22: Do you know the assets of the estate?
Assets owned by the deceased need to be located before you can choose a method of estate administration.It will show you the size of the estate.Not all property owned by the decedent is part of the estate.Life insurance pensions, healthcare savings accounts property, and bank accounts assets in certain types of trusts are excluded.
Step 23: Pick a method of administration.
You should choose a method of administration once you know the size of the estate.Different kinds of administration are offered by states.There was no administration.Most states allow the property to be distributed without going through the courts if the estate is small.There are different size requirements.If the assets are exempt from creditor claims or are sufficient to only cover funeral expenses, you can avoid probate in Florida.If the estate is valued at no more than $150,000 or the property is less than $50,000, you can avoid the need for a court order.Property may be claimed by affidavit.It's either simple or summary.There is an informal procedure called "summary administration" that most states offer.The estate must be less than a certain amount to be eligible.An estate can't be worth more than $150,000 in California.The maximum in Florida is $75,000.There is a formal probate.For more complicated estates, this is the best option.It is the only option for estates that are too large to qualify for summary administration.
Step 24: Make sure that the will is valid.
You have to prove that the will is valid.All you need to prove the validity of a will is a statement from one or more of the witnesses who signed it.A self-proving affidavit is one of the types of statements that courts allow.A sworn statement is signed by a witness.The witness made a statement.
Step 25: Other evidence of the will's validity can be presented.
Other evidence may be needed to prove that the will is valid if witnesses are no longer alive.The court will accept certain types of evidence.In order to try and verify a will, courts will scrutinize the signature on the will and accept testimony from people familiar with it.
Step 26: The property needs to be collected.
Estate property can be in the hands of other people.You have a duty to keep the property safe.
Step 27: Take care of the estate.
You have to figure out the value of the assets.This could require you to hire an expert.Search online to find an appraiser.You can type your city or county into a web browser.You can search the Yellow Pages.
Step 28: An inventory of all estate property can be created.
The property and values of the dead person will be listed.This is an example of an inventory.There is an inventory of non-probate assets.If you are trying to divide up assets evenly, you will want to know the value of the non-probate assets.
Step 29: Which beneficiaries will get which assets?
Specific assets, money, or a percentage of the estate are what each beneficiary will receive under the will.In terms of how detailed they are in allocating property, wills vary greatly.This can be a source of conflict.You have to proceed with great care.Communication lines should be kept open.Talk to your family members to find out who is interested in the property.A typical will doesn't name a beneficiary for each piece of personal property.You will have to decide who gets what.If you have more than one person interested in the same piece of property, you can hold a family auction.People pick a piece of property.The value of each object is taken from what the estate would give them.
Step 30: You can open a bank account.
All debts should be paid from the estate checking account.It can be opened in the name of the estate.It is easier to track money coming in and going out with one account.You need a taxpayer ID.You need an ID number to open a bank account.You can apply online.You must also complete the IRS form.You can get a tax ID number by calling the IRS.If you do this, you will fill out a form and mail it in.Make sure the debts are paid into the account.Don't mix personal and estate funds.Personal expenses should not be covered by the estate account.Only use it for the estate's expenses.
Step 31: The remaining estate property should be liquidated.
If property is not specifically given to a beneficiary and no one wants the actual item, then you will need to liquidate the property and distribute the proceeds to the beneficiaries.You need to speak to a real estate agent.A real estate agent can help you sell your property.Inform beneficiaries of the sale price and listen to any recommendations they make.Do you know where you can sell personal property?Furniture, books, mementos, etc. are personal assets.Where is the best place to sell them?If there are art or antiques, ask the person who appraises them.You can probably hold a yard sale for cookware and clothes.
Step 32: Pay taxes.
You are responsible for paying taxes.Income tax and estate tax are the most common taxes.
Step 33: Pay bills.
Estate debts need to be paid out of the estate's assets.Paying the debts should be easy if there was a lot of cash in the estate.You need to sell assets to pay debts.The funeral expenses should be paid by the executor.The order in which you disburse estate assets will be designated by your state statute.The order outlined in the statute is what you must follow.
Step 34: Get paid
If you choose to be compensated out of the estate, you can decline to get paid.Payment depends on the size of the estate.In Oregon, an additional 4% of any amount over $1,000 but less than $10,000 is added to the estate's value.The executor is entitled to 1% of non-probate property.
Step 35: Property should be delivered to the beneficiaries.
When and how to collect specific pieces of property should be given to beneficiaries.If you need to deliver the property, you should work with the beneficiary on how to pay for it.The remainder of the estate will be distributed as a final step.Money will usually come from the estate after it has been sold.You should work with the beneficiaries to agree on when and how the money will be distributed.
Step 36: The estate needs to be closed.
The estate can be closed once assets are distributed and bills are paid.The estate is not closed until you receive the final order from the court.It is important to involve the estate's attorney in this process because you will probably have to file a petition with the court.When you receive the final disposition of the estate, make sure to keep a copy along with any other relevant paperwork.It is a good idea to consult with your estate's attorney and accountant as to how long you need to keep the paperwork.It is important to close any bank account that was opened in the name of the estate.