assets in an estate plan

When you are selected as the executor of a will, you are taking on an important role. You are responsible for making sure that the last wishes of the deceased are met. You are also there to wrap up their affairs for them. It can take some time to do the job well, but it’s important to do things right. A Washtenaw County wills attorney from our firm can help you with that.

Who Does the Executor of a Will Need to Contact?

The executor of a will has a responsibility to contact a few different people once they have received the necessary documents and started this process. They should be ready to:

  • Report the death of the will writer to banks, credit card companies, and government agencies
  • Contact all beneficiaries named in the will
  • Go to probate court to file a copy of the will

This last step is necessary even if many of the assets are accounted for in an estate plan and few of the decedent’s assets will need to go through the probate process.

What Does an Executor of a Will Do With Assets of the Deceased?

Then the executor has to organize the assets and take a complete inventory. You do not want to look like you are trying to hide assets or take things that do not belong to you. That can land you in a lot of legal trouble.

You should have a complete list of all of the deceased’s assets ready to submit to a court. Once you can, you should contact the beneficiaries again and make an effort to pass on the assets that were left behind for them. It is also the responsibility of an executor to care for any of these assets as this process wraps up. So this means that if there is a house that will be passed down to one of the beneficiaries, the executor should be maintaining the property and cannot let the house fall into disrepair.

Can an Executor Also Be a Beneficiary?

Yes, the executor of a will can also be a beneficiary named in the document. If you find yourself in this position, you should be especially careful about fulfilling your duties so that there can be no accusations of impropriety.

What Else Needs to Be Done?

An executor has some other important jobs to do aside from managing assets and talking to beneficiaries. They settle the estate’s debts, handle tax preparation for the deceased, and sell of any extra property that is not distributed to beneficiaries through the will.

Schedule a Consultation

If you are an executor with questions or someone with estate planning needs, set up an appointment with our team. Contact Collis, Griffor & Hendra to schedule a consultation and we will do our best to address your concerns.

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