Has an elderly loved one asked you to be the executor of their will? The executor of a will has a large responsibility, and before committing to the role, you may be wondering just what responsibilities are required after a loved one passes away. Here are the basic things an executor will have to do in order to execute a will, including hiring an elder law attorney.

Make Sure You Will Be Up for It

The death of a loved one is a traumatic experience. Before you agree to be the executor, make sure that you will be able to handle the responsibility that is being asked of you. If you feel that you are going to be emotionally compromised and unable to be the executor, let your loved one know right away. It is much better for them to choose someone with some emotional distance because you will be too upset.

The Responsibilities of an Executor

As an executor, you are going to be expected to:

  • Gather up all of the belongings of the deceased at the time of their death and take inventory of what they are. This is going to be necessary when you need to make an account of what the estate is going to be worth. While it isn’t necessary to inventory everything, anything that has intrinsic value or is mentioned specifically in a will must be placed on the inventory.
  • Find an appraiser who can assess the value of all of the property that you have gathered up and inventoried. This will allow you to place a specific worth on the estate. It is necessary for tax purposes if the estate is worth a considerable amount. It may also be necessary if there are multiple real estate properties owned.
  • If there are any outstanding debts that must be paid, they will then need to be settled based upon the state laws that govern wills. Many debts may be dissolved at the time of death. Others will not. It is up to you, as executor, to determine the difference and make sure that any debt that the estate must honor it does.
  • File any and all tax claims that will cover the inheritance, and file any final income tax returns. If any taxes are owed, those must be paid. Remember that many times this must be done with a legal copy of the death certificate. You must wait until these papers are processed before filing taxes. Federal income tax must also be filed in the normal tax period. You cannot file early for the next year, so don’t forget to file when tax time comes around.
  • See that the remaining assets are distributed to the inheritors as directed by the terms of the Will.

Contact an Elder Law Attorney for Assistance

You don’t need to do it all on your own. If you need assistance in executing a will or drawing up your own will, contact Stano Law Firm today.