I'm Named as an Executor in a Loved One's Will. What Does that Mean?
Being named as an executor in a loved one's will is a great honor. It means your loved one trusts you to handle their estate when they pass with responsibly and with integrity. Some people tend to confuse the executor as the main beneficiary to a person's estate, this is not the case. While the executor can take under the will, if named to do so in the disposition of the estate, their sole duty as executor is to handle all of the affairs of the estate.
Anyone who takes under the will or the executor can apply to probate the estate. Once this is done and the judge puts in the order to have the letters testamentary issued, the executor has some responsibilities.Notices to Beneficiaries After Probate
Once you are deemed executor, within 60 days, you must give notice to the beneficiaries of the will. That is, the people named to take certain property under the will. This can be done by registered mail or certified mail. Everyone that is alive, that is named in the will must be given notice.
Once done, an affidavit or certificate must be provided to the court. This affidavit must state the name and address of the beneficiary, to whom notice was given or not required to be given (for instance they have passed) and beneficiaries that could not be found. This must be done within 90 days of the order admitting the will.Inventory, Appraisement and List of Claims Requirement
This is required in every type of administration of probate. The inventory is a list of the estate assets and must include all debts of the estate. Just as the notice, this must be filed within 90 days of the order of probate. Anyone who takes under the will is entitled to a copy of the inventory, but the request must be enforced by a court order.
The inventory includes listing separately each item of property of the estate. Just a brief description is fine, you may need to describe the location of the property if it is located outside of the county you filed for probate in. The property is divided into categories; real property and personal property. Then these categories are subdivided into smaller categories known as; separate property, community property, and tenants in common. You do not have to include property that is not put through probate, such as, life insurance policies, employment benefits, etc.
The appraisement is the presumptive estate value. It includes the value of each listed asset, at the date of death, and the gross worth of each asset.
The list of claims are debts owed or due to the estate. For each claim you must list; name and address of debtor, what the debts is, the date it was incurred and due, the rate of interest being charged, the amount of the debt, whether it is separate or community property, and if it is a claim owed to the estate, then you must include the estate's fractional interest.
Becoming an executor is a big responsibility. Luckily, at Guest and Gray, we have a staff that will guide you through the entire process to help eliminate any complications that may arise. Give us a call today so we can get started!