People who have lost a close friend or loved one may feel overcome with emotion. In addition to dealing with the loss, there is the task of organizing the estate left behind by the deceased. This can be a daunting process, and it is usually led by estate administrator or executor of the estate. In some cases, the deceased will name someone they wish to act as an estate executor in his or her will. However, if an executor is not named, the court may appoint someone to carry out the tasks delegated to that position. What exactly does an estate executor do?
The executor must gather up critical documents, including the death certificate, life insurance policies, trust documents and the last will and testament. They must also gather together all of the deceased’s property and assets and have them valued. This value is the estate’s worth, and the administrator may have to pay certain bills, taxes, funeral expenses and other expenses out of this fund. Executor’s are responsible for protecting the estate while it is going through the probate process or paperwork is being processed. Once the value of the property is assessed and all of the expenses are taken care of, the remaining property and assets are distributed to the beneficiaries named in the will. The executor may have to locate these heirs to alert them of their inheritance.
When taking on the job of an estate administrator, people must be willing to devote a significant amount of time.