${site.data.firmName}${SEMFirmNameAlt}
Free Consultation
800-557-6423 702-706-1083

The responsibilities of estate administration

People in Nevada who have been designated as executors of their loved ones' estates might be wondering about the responsibilities it will entail. The first thing an executor should do is order at least 10 death certificates from the funeral director because this document will be essential when administering the estate or trust. A will may need to go through probate, and if there is a trust and the executor hadn't been established as a trustee, he or she will have to sign a Consent to Act and Certificate of Trust.

When executing a loved one's estate, a person must also take inventory of all the assets. This itemized list needs to include the value of all the items on the date of the decedent's death. Executors should also keep careful records of any expenses and avoid paying for them out of pocket.

Executors may also want to have beneficiaries sign a form acknowledging receipt of their inheritances so they can't claim later on to have never received what was left to them. It may also be advisable for an executor to work with an appraiser, tax professional and attorney. Doing so may help reduce his or her liability if any errors are made.

In general, the person chosen to handle an estate administration is not expected to be a professional or especially knowledgeable about legal issues. Therefore, someone who is creating an estate plan does not necessarily need to choose the legal or financial whiz among his or her loved ones for the job. An individual who is responsible, organized and honest is a good choice. Depending on the family situation, an executor might also need to be someone who is adept at resolving conflict. People who are preparing their estate plans may want to discuss the responsibility with their potential executors. They might also want to discuss their estate plans with their family members to ensure their wishes are carried out.

No Comments

Leave a comment
Comment Information