When an individual is chosen in an estate going through probate as the executor, that individual often feels unprepared for the task at hand.
If you've been named of a executor of an estate going through probate, you should be aware of the following five things from the get-go:
An executor should always seek legal counsel.
An individual typically chooses a close family member or friend to serve as his or her executor. This means that the chosen executor does not necessarily have a great deal of financial or legal experience.
Seeking out the services of an attorney specializing in probate law is almost always necessarily to navigate the intricate legal rules and regulations of getting an estate through probate.
You need to be officially named executor by the probate court before you can start taking action in the position.
Even if you know that you've been named as executor in a deceased individual's estate, you can't immediately take control of the estate if it's going through probate.
The probate court will need to first recognize you as the chosen executor before you can proceed in your role.
You'll be responsible for keeping track of and protecting all of the estate's assets.
One of the major jobs you'll have as executor of the estate is to inventory and protect the estate's assets.
It's possible that you could face a lawsuit filed from estate beneficiaries if you neglect protecting the estate's assets. You'll need to make sure that any real estate properties are maintained during probate
It may be necessary to post bond to be the executor of the will in question.
Depending on the state, it may be necessary for you to be bonded as the will's executor. This is necessary in some states because it is seen as a precaution that prevents the will's executor from running off with the estate's assets while the estate is in probate.
With the following link, you can find out whether there is a bond requirement in your state for those who serve as an executor.
Your probate attorney will be able to communicate with impatient beneficiaries for you.
A huge source of stress for estate executors is often the impatience of beneficiaries who are eager for the estate to exit probate so that they can take possession of their inheritance.
An executor's probate attorney should be able to handle communication with beneficiaries, thus taking much of the stress off of the executor. To learn more, contact a law firm like Moore, O'Connell & Refling PC.