If you've been named executor in someone else's will, you might wonder about your responsibilities or how to begin the probate process. Although the procedure varies by state, we've outlined the main steps for probating a will below:
1) Hand over the death certificate to the court
File a copy of the death certificate with the probate court to begin the probate process. If you are the will executor, you can do this yourself, or it can be done by someone close to the deceased, such as a family member or estate attorney.
2) Make a public announcement
Even in the digital age, most states require the estate to publish a death notice in the local newspaper and send out news releases notifying creditors, heirs, and others of the death.
3) Determine your assets and liabilities
Once appointed executor, you must inventory all the testator's property and belongings and determine the value of each. This includes real estate, automobiles, and furniture. It also includes financial assets such as bank accounts, investment accounts, and digital assets such as cryptocurrency. Certain property types, such as valuable artwork and real estate, may require a professional appraisal to determine their worth. You must also identify outstanding debts, such as a home mortgage, car loan, or medical bills.
4) Pay off your debts
Before beneficiaries can receive assets from an estate going through probate, creditors must be paid for outstanding debts. It includes Funeral expenses, unpaid medical bills, taxes, and other debts. When it comes to large debts, such as a mortgage, the beneficiary may choose to take on the remaining payments when they inherit the property.
5) Contact the beneficiaries and creditors
You'll contact the testator's beneficiaries (heirs) and creditors while compiling a list of all assets and debts (anyone they owe money to). A beneficiary is someone who will benefit from the estate of the testator. Assume the testator bequeathed 25% of their estate to their favourite charity in their will. You will be in charge of contacting the charity and informing them of the gift.
Estate assets may include the following:
• Real estate, which includes houses
• Vehicles, such as cars, campers, and boats;
• Bank and brokerage accounts;
• Pets;
• Family heirlooms and personal items, such as clothing, books, and furniture; and
• Digital assets, such as cryptocurrencies.
6) Swear in the executor
A will usually name an executor, a personal representative, to settle the estate. If a person dies without a will, the courts appoint a personal representative. The executor will receive Letters of Testamentary after taking an oath and being sworn in. This document notifies all third parties, such as banks and investment firms- you are authorized to act on behalf of the estate.
7) Close down the estate
Once everything has been distributed, you will submit receipts and records to the court and ask for the estate to be closed - and you will be relieved of your role as executor.
Contact a Probate Attorney
Tennessee's Probate Lawyer can assist you if you need some guidance on the process of probate. A probate attorney is a state-licensed attorney who has assisted executors in settling estates.
Vacaville Probate LawyerWe are available by phone, Zoom meetings, and for limited in-person consultations while the COVID-19 restrictions are in place.
The attorneys are working in the office and from home as the situation dictates.
Please call us at (707) 451-4502, or email [email protected], to request a consult, and we will discuss the options.
The courts have re-opened, and we are appearing in court in person and by Zoom.
Let us know how we can help.
