Minnesota residents who are asked to be the executor of a loved one’s will may wonder what is involved in the process. Being an executor is a serious responsibility that requires the person in the role to be thorough and honest as they administer an estate.
One of the first steps an executor must take after the death of the testator is locating assets and the people named in the will as heirs. The executor must also file the will in probate court even if it is not necessary for the will to go through the probate process. This may be the case in a few circumstances such as if the estate is a very small one.
The executor must also take care of the deceased individual’s finances and other affairs. This may include notifying credit card companies, banks and the Social Security Administration. There may be debts to pay, and if there are ongoing payments, the executor may want to open a bank account for paying things like a mortgage. Usually, debts must be settled before the distribution of assets will be allowed. Among the last duties of the executor are distributing inheritances and filing taxes. Any assets not covered in the will or in other estate planning documents are distributed by the state in accordance with its intestacy statute.
An estate administration attorney may be able to help a client carry out the duties of an executor. For a larger estate in particular, the financial and legal aspects of the process may seem complex, and there can be further complications if there are challenges to the will or assets or information on various accounts are difficult to locate.