Executors are critical to estate proceedings.
You have been named as an executor.
This is an honor.
It is also no small responsibility.
Are you overwhelmed?
According to a recent Wills, Trusts & Estates Prof Blog post titled "Top 5 Things to Remember if You're the Executor," there are some steps you can take to set yourself up for success.
Get a death certificate.
You will need a copy of the death certificate to make your duties official in probate court.
Do your research.
You will need to identify, locate, value and inventory assets and liabilities.
These will still be a part of the estate.
Inform the proper people of your executor status.
Certain states have laws regarding who needs to know.
Learn who needs to be contacted and follow through.
Ask for help.
Hire an experienced estate planning attorney.
He or she will be able to walk you through what needs to be done and when.
Also, work with a tax accountant to help you file the tax return for the estate.
Following these steps will help you successful execute the estate.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Wills, Trusts & Estates Prof Blog (July 27, 2017) "Top 5 Things to Remember if You're the Executor,"