It’s an honor if someone wishes to name you the executor of their estate after they die. That person considers you responsible and trustworthy.
Still, you should take some time to think and determine if this is a role you wish to take on.
The role and responsibilities
The role of an executor is pivotal in ensuring that the final wishes of the deceased are carried out according to the law. The executor is often named in the decedent’s will or appointed by the court if no executor is designated.
The first step of an executor is to initiate the probate process by filing the will with the clerk at the circuit court in the county or city where the deceased lived. They will issue a document giving you the authority to act as executor.
Next, it will be necessary to complete an inventory of the deceased’s assets, including real estate, investments and personal property. An appraiser can help determine the fair market value of valuable assets.
The executor must identify and notify creditors of the estate owner’s death. The funds from the estate will be used to settle outstanding debts and obligations. Additionally, state and federal income tax and state probate tax returns must be filed. A federal estate tax return must be completed if the estate’s value is over $13.61 million.
After meeting any outstanding financial obligations, the executor distributes the remainder of the assets and property according to the terms outlined in the deceased’s will.
An executor must maintain accurate records of all financial transactions, expenses, distributions and communications related to estate administration. The executor must also prepare and file periodic accountings with the court to provide an overview of estate assets and transactions.
Given the complexities and legal intricacies involved in estate administration, an executor may want to seek assistance to fulfill their duties. A knowledgeable person can provide guidance and ensure compliance with Virginia’s laws.
