What is involved in being an executor to someone's estate?

Question

I have been asked to be the executor of my elderly Uncle and Aunt's estate. They feel their children would not be impartial. What would this entail? If it would help my family at a difficult time, I would like to help, but I'd like to know what I'm getting into first.

Answer 1

As I understand it, being an executor (sometimes called a "personal representative") means you are responsible for distributing the assets of the deceased person. Exactly how that works varies between states, but generally I think it includes:
- publishing notices in the local newspaper notifying anyone the deceased owes money that they must submit their claims to you by a certain date
- filiing all necessary paperwork with the courts
- paying the deceased's outstanding bills
- filing tax returns for the deceased (usually two separate returns - one for the part of the year before they died and another for the part of the year after they died)
- notifying insurance companies and collecting any insurance money for which "the estate" is the beneficiary
- after all of the above are done, distributing the remaining money and other assets to the beneficiaries named in the will.

You can (and probably will want to) hire an attorney to do almost all of the work for you so that all you have to do is gather information and records and sign things periodically. I'm pretty sure that all expenses and fees are paid from the deceased's estate so it won't cost you any money (just time). Depending on how the will is written, you might also get a payment (probably small) for your time. As with most legal things, it's a long process. I've heard that the minimum amount of time for everything to settle is usually over 6 months and that it could be more than a year if there are any problems along the way.

One thing to consider is that if there's concern that the beneficiaries are not very mature and will be fighting over the assets, being the executor probably puts you in the middle of all that since they might be mad at YOU for not giving them as much as they want as fast as they want. In reality, you have no control over how the money is distributed - you just follow the instructions in the will, but greedy/childish beneficiaries might still blame you if they aren't happy with what they got.

Answer 2

specific, absolutely everyone may be the executor, including an inheritor; yet you will get precisely the comparable inheritance in spite of if she had NO will, because of the fact which you are the only surviving newborn and the regulations of maximum states could without delay supply you each little thing. There are exciting TAX motives that the two plan could be sub-optimal. the huge issues now and lower back upward push up while the required WITNESSES to the will additionally are beneficiaries. If she has a criminal expert assisting her, then you definately're probable extra appropriate off following criminal suggestion than asking random strangers on Y!solutions for concepts!

Answer 3

Executors administer, or make sure, the will is carried out as the deceased requested.. You will have to hire an attorney, in some states, (check with the Probate Court).. If u have to hire an attorney he/she will give you the duties you have to perform. If you dont need an attorney the Probate Court will advise you.