What estate executors should expect

On Behalf of | Nov 29, 2018 | Probate And Estate Administration

A Nevada resident who takes on the role of estate executor could have many different responsibilities. For instance, they must determine how much the estate is worth, arrange to pay taxes and distribute assets to beneficiaries. It may also be necessary to sell assets to pay outstanding debts that the estate may have. Executors must balance the wishes of the deceased person with the legal rights that creditors and beneficiaries may have.

In addition to the legal responsibilities that an executor has, they should be prepared to spend a lot of time settling an estate. This time will likely be spent trying to organize documents, getting in touch with creditors and sending death certificates to the government. If the deceased person worked with a financial or any other type of adviser, it may be necessary to get in touch with them as well.

An executor can make their job easier by asking questions as early as possible. A property owner can also make life easier for their own executor by having estate planning conversations on a regular basis. It’s important that the executor know how to find documents, access digital accounts and distribute assets in a clear and timely manner. Digital account services such as LastPass allow estate representatives to gain access to passwords on an emergency basis.

Engaging in estate planning today will make it easier to settle an estate in a timely and private manner in the future. For instance, creating a trust may allow for assets to be transferred without the need to go through the probate process. Furthermore, treating estate planning as an ongoing process can make it possible for an executor to be better informed about a person’s wishes after they pass.