Free Consultation
800-557-6423 702-706-1083

How can an executor protect a deceased loved one's assets?

Acting as an estate executor is an immense responsibility. While a loved one may ask you to take on this role in hopes that you will feel honored and trusted, you could find yourself feeling overwhelmed and stressed when the time comes to carry out the necessary duties. When you accepted the position of executor, you may not have fully realized the extent of the role and the tasks you would need to address.

Your job as executor means that you hold the responsibility of seeing your loved one's remaining estate through the probate process. This legal proceeding can take a considerable amount of time to complete, though the exact timing depends on the specific circumstances of the estate. Soon after the person's passing, one of your first steps as executor may relate to protecting the individual's assets.

Why do assets need protection?

It may come as a surprise that essentially acting as security guard over your deceased loved one's estate comes along with executor duties. You may not think this step is necessary as certainly individuals will respect the fact that remaining assets still belong to the decedent in some way. However, that is not always the case. Many people may feel a sudden desire to enter a deceased individual's home and collect items that they feel personally attached to or that they think the person would have wanted them to have.

If individuals do start taking items out of the home, you could find yourself in a serious predicament when the time comes to distribute assets according to your loved one's will. Someone may have taken a piece of property meant for someone else, and conflict could easily arise.

How can you protect assets?

In order to effectively protect the remaining assets, you will need to gain access to the person's home. You may already have this ability, or you may need to take steps to ensure that you legally enter the person's property. Because overzealous family or friends and even thieves can pose threats to the decedent's assets, you may next want to remove valuable objects from the home, change the locks and take other measures to work toward preventing the loss of any assets.

How can you carry out your duties effectively?

Because acting as executor can feel overwhelming, you may wonder whether you are taking the right steps and performing your required duties correctly. Luckily, you can seek assistance throughout the probate process if you wish. A Nevada attorney could help you understand your duties, how to perform those tasks and what steps may help you move the process forward more quickly.

No Comments

Leave a comment
Comment Information