We often hear from people who thought they could start distributing assets to beneficiaries right away, only to learn later that an executor has many legal responsibilities before heirs can collect their inheritance.
Knowing what to do after being named executor can prevent expensive mistakes and avoid delays and potential conflicts during probate.
If you’ve recently been appointed by the court as executor, or if you just found out that someone named you in his or her will, this article will help you understand your responsibilities from the start.
Probate can be complicated, so consider talking to an experienced probate attorney near you who can help you fulfill your duties.
What Is an Executor?
An executor is a person named in a will who agrees to administer the estate of the deceased person (“the decedent”), carry out his or her wishes, and see that the probate process is completed.
As a fiduciary, the executor has a legal obligation to act in the best interests of the decedent’s estate.
What Are the First Steps After Being Named an Executor?
Your initial duties typically involve finding the original will, securing the decedent’s property, obtaining several certified copies of the death certificate, and figuring out if probate should be opened.
It’s wise to start these tasks immediately, even if you do not plan to administer the estate yourself. Every estate is different, but taking action sooner rather than later can help prevent assets from being lost.
Keep in mind that many executors also speak with a probate attorney early in the process to understand their legal obligations.
Do You Need to File the Will With the Probate Court?
Yes. Although you may not need to formally open probate, the original will should always be filed with the probate court in the county where the decedent lived.
The court will review the will to make sure it was validly executed according to state law. Once the court accepts the will, it will generally issue “letters testamentary,” which officially appoints the executor.
Should You Secure the Estate’s Property Immediately?
Yes. One of an executor’s initial responsibilities is to take reasonable steps to protect estate assets from being lost, stolen, or destroyed.
Locate the decedent’s property. Common assets include homes, bank accounts, insurance policies, and valuable items like vehicles or jewelry. You may want to change the locks on the decedent’s home and secure or dispose of any valuables.
Redirect mail and keep active estate insurance policies. Stopping by the deceased person’s home every day is not necessary, but it’s a good idea to quickly secure the estate’s property.
Call the decedent’s insurance agent to learn how to handle his or her policies, and contact the United States Postal Service to request that the decedent’s mail be forwarded to you.
Protect financial accounts. Log into the decedent’s internet banking accounts and update security information.
Why Do You Need Certified Death Certificates?
You will need certified copies of the death certificate to prove that the decedent has passed away. Businesses, creditors, government agencies, and insurance companies will all require an original certified copy of the death certificate.
If you obtain just one copy, you may run into unnecessary delays later.
Each bank, insurance company, and government agency will generally require an original certified copy of the death certificate. Obtaining multiple certified copies allows you to provide each institution with a copy and avoid extra fees.
What Assets Should an Executor Locate?
The executor should locate all of the decedent’s assets, including bank accounts, investment or brokerage accounts, retirement accounts, real estate, businesses, vehicles, and household goods.
Locating assets is usually easier with a complete list of the decedent’s deeds, account statements, insurance policies, and tax returns.
Are You Responsible for Paying the Deceased Person’s Bills?
Yes. Although not all bills need to be paid right away, the executor is responsible for ensuring that valid debts, taxes, and estate expenses are paid before assets are distributed to beneficiaries.
Known debts should be paid during the probate process.
Should You Notify Creditors?
Yes. In most states, executors are required to personally notify known creditors of the probate proceeding and typically publish a notice to unknown creditors in the local newspaper.
Creditors generally have a limited amount of time to file claims against the estate. Providing appropriate notice to creditors can help protect both the executor and the estate.
When Can an Executor Distribute Assets?
An executor should not distribute assets until it’s legally permissible to make distributions, known debts and expenses have been paid, and all estate requirements have been fulfilled.
It’s never a good idea to give beneficiaries their inheritance early, as unforeseen claims and expenses can always come up during probate.
Simply following the probate timeline carefully can help prevent personal liability for mistakes.
Do Executors Have Personal Liability?
Yes. If an executor breaches his or her fiduciary duties or otherwise improperly administers an estate, he or she can be held personally liable for losses to the estate.
Unfortunately, many well-intentioned executors make costly mistakes such as distributing assets too early, paying debts that the estate is not legally required to pay, improperly spending estate funds, and failing to follow court orders.
Opening an estate bank account and keeping organized records can help prevent many of these mistakes.
Should You Open a Separate Estate Bank Account?
Yes. It’s common for executors to open a new bank account specifically for estate transactions after receiving permission from probate court.
This account should be used to keep track of money coming into and out of the estate. Commingling an executor’s own funds with estate funds can create accounting issues down the road.
Do Executors Have to Provide an Accounting?
Probate court usually requires an executor to provide an accounting that explains any income, disbursements, and distributions made from the estate.
Simply put, keeping detailed records and accounting for every financial transaction makes it easier to administer an estate and helps prevent many types of legal problems.
Can an Executor Handle Probate Without an Attorney?
Some people are capable of handling probate on their own, but lawyers can help ensure the process goes smoothly.
If you are confident you can handle your duties and don’t have any legal questions, you can probate a loved one’s estate without an attorney.
Attorneys are unnecessary for simple estates, but can provide invaluable help when there are significant assets, problems with creditors, family disagreements, or complex legal issues.
Probate law varies from state to state, and navigating the process can still be challenging even when an estate is relatively straightforward.
Working with a probate attorney can help you avoid mistakes that may delay administering the estate or expose you to personal liability.
How Can a Probate Attorney Help an Executor?
Probate attorneys can walk executors through every aspect of estate administration. They can help ensure all legal requirements are met, help prepare court documents, facilitate dispute resolution, and protect executors from unnecessary liability.
Engaging an attorney can make probate quicker and less stressful for everyone.
Contact Patton Law Group Today
Being appointed as executor is a big responsibility. Knowing your duties from the beginning can make the probate process easier.
Although some estates can be administered without an attorney, having professional guidance can prevent mistakes and save time and money.
Patton Law Group provides probate services for executors and families throughout California. Contact us today to schedule your free consultation.
