Serving as an executor can be a difficult undertaking if one is not properly prepared. Given the great responsibility associated with this role, many people entrust a Miami probate attorney or a financial advisor with this task. However, friends and relatives serve as executors in some situations. Before agreeing to serve as an executor, it’s important to fully understand what it entails. An executor is given the task of ensuring the deceased’s wishes are carried out — such as the distribution of assets, as well as taking care of other legal matters.
What to Expect
Every will outlines the particular duties which the executor is expected to carry out, but there are some common requirements that one who takes on this role is expected to abide by.
- Managing assets. As an executor, one must gather the deceased’s assets and protect them until the time comes to either utilize those assets to pay debts or distribute them as seen fit.
- Handling his/her affairs. Any open accounts will need to be cancelled, and this task is left to the executor. This also includes notifying creditors of the person’s death.
- Taking care of finances. If the deceased is paying off a mortgage or something else on an ongoing basis, it is up to the executor to make sure that payments are kept while the will is carried out. The estate should cover these expenses.
- Filing the will. Whether the will is probated or not (a decision which will ultimately be left to the executor to decide), it needs to be filed in probate court.
- Contacting the inheritors. The executor will need to make contact with everyone who has been named an inheritor in the will. This may include locating these individuals, as well.
If someone has asked you to serve as an executor, it is advisable to have a Miami probate attorney walk you through the process to ensure you understand what your duties will be. Our team is here to help answer any questions you may have. Call our office to speak with one of our attorneys today.