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Estate executors have many responsibilities

| May 29, 2020 | Estate Planning |

Estate executors in Indiana and other states are responsible for completing a variety of tasks. These tasks can include informing heirs about a family member’s death, filing tax returns or closing a deceased person’s credit card accounts. In most cases, the first thing that an estate representative will do is present the deceased individual’s will to a probate judge. Typically, probate will take place in the county where the individual died.

However, it is possible for probate to take place in a state or county where he or she owned property. There is a chance that a judge will want to review the will before giving anyone authority to act as the estate’s representative. Creditors will need to be notified of a person’s death relatively early in the probate process. This allows them to make claims against the estate in an effort to recoup some or all of the money that they are owed.

Assets can usually be distributed to beneficiaries after creditor claims have been resolved and an estate’s debts have been paid. Transfers to banks or other institutions can usually happen in a short period of time. However, large or valuable assets may take more time to transfer to an heir because of the logistics involved in doing so.

Naming an executor is one of many important decisions a person will need to make when crafting an estate plan. It may be a good idea to name an alternate executor in case anything happens to a person’s first choice. An attorney may be able to help a person craft estate planning documents such as a will or trust. Legal counsel may also be able to assist in reviewing any estate plan documents that a person hasn’t looked at since they were first created.