How long does an executor have to settle an estate?

by TheOlearTeam | Jul 31, 2017 | Executor's Choice

Because executors can live on one coast or the other and anywhere in between, there’s no simple answer to the question, “How long does an executor have to settle an estate?” Many states have different laws on the books that need to be followed that can change timeframes from location to location. Also, estates can range in size from very simple to extremely complicated; the more complex the estate the longer the process to settle the estate.

On the other hand, there are enough similarities that we can come to some conclusion regarding this very common question.

One of the executor’s first steps is to file the will of the deceased individual in probate court. This should occur as soon as possible after the death so that the court can determine if the will is valid and then oversee the transfer of the deceased’s property. Again, keep in mind that probate laws differ from state to state.

The executor has many responsibilities, and he or she needs to show progress or risk being removed as executor by the probate court judge. With that in mind, the executor should take the following steps:

• Notify heirs that the individual has passed.
• Contact banks and financial institutions, the Social Security Administration and creditors who are owed money.
• Take an inventory of all assets, including bank accounts, real estate, vehicles, valuables, etc. Some assets may require a professional appraisal to determine their market value. When the inventory is complete, it should be filed with the probate court.
• Take steps to safeguard all property.
• Open a bank account in the name of the estate to pay unpaid bills.
• File tax returns on behalf of the estate.
• Prepare to deal with anyone who may object to the will. If this occurs, it is in the executor’s best interest to consult with an estate attorney.

Don’t rush the process

The probate process can take many months, sometimes even years to complete. And while it’s important to keep the process moving toward completion, it’s equally important not to rush through the process hoping to just get it over with. For example, an executor who improperly distributes assets from the estate before settling with creditors and paying taxes could be held personally liable.

An experienced Realtor, tax attorney and estate liquidator are all important sources of information and are always willing to help their clients through the estate settlement process. If you’re feeling overwhelmed as an executor, please know that you are not alone and that there are skilled professional just waiting to be of assistance!

How long does an executor have to settle an estate?

As much time as needed as long as they are meeting any deadlines set by the probate court and state laws are being properly followed.

What is an executor of an estate?

by TheOlearTeam | Jul 17, 2017 | Executor's Choice

Along with being asked what is an executor of an estate, we’re also often asked: What are the responsibilities of the executor?

In a nutshell, there are many, and the responsibilities can vary from state to state. Following are some of the more common responsibilities:

• Obtain a copy of the will, read it and understand its contents and the wishes of the deceased.
  
• Find, record and protect the deceased individual’s assets and property, including bank accounts and safe deposit boxes. 
  
• Photograph or take a video of each room in the house for both records and reference.
  
• Locate important papers and documents such as deeds, mortgages, Abstract of Title, land survey, tax information, investments, insurance policies, etc.
  
• Verify that all necessary utilities such as gas, electric and water remain in service, as well as household services such as snow plowing or lawn maintenance.
  
• Make arrangements for mail to be forwarded and newspapers to be cancelled. The U.S. Postal Service will forward mail for up to one year.
  
• Ensure that the property looks occupied by placing timers on lights. Adding a security sticker or sign on the property may help deter burglars. New locks should be installed on all properties. The addition of an alarm system should be considered.
  
• Contact any individuals named as beneficiaries in the will.
  
• File the will in probate court.
  
• Finalize the deceased individual’s affairs, such as cancelling credit cards, notifying banks and financial institutions, contacting Social Security, filing taxes, etc.
  
• Establish a bank account for the estate, keeping any assets separate from your own and paying off debts such as credit cards, mortgage, taxes, etc.
• Collect and deposit life insurance proceeds, if applicable.
  
• Prepare statements of all transactions and pay any remaining fees tied to the estate, such as attorney fees.
• Distribute property and assets as outlined by the laws of the state.

So, what is an executor of an estate?

It’s someone who was looked upon very highly by the individual before his or her death. It is someone with a great deal of responsibility. It is someone who should take their role very seriously. And, when the process has been completed, it is someone who can take a great deal of pride in a job well done!