What to know about being an executor

On Behalf of | Sep 11, 2019 | Probate And Estate Administration

Some Nevada residents may be asked to serve as the executor of their loved one’s estate. While the job may seem to be relatively straightforward, it can be more complicated than it appears to be. An executor has many responsibilities such as collecting assets, filing tax returns and paying any taxes that the decedent owes. An executor will also need to determine if the estate needs to go through probate.

In some cases, assets may be able to avoid probate because they have beneficiary designations attached to them. Assets such as real estate may avoid going through probate depending on how they are titled. An executor will need to get several copies of a death certificate to close accounts or take other actions after an individual dies. It is a good idea to get at least five copies of a death certificate, and it may be necessary to get more depending on how complicated a person’s estate is.

In some cases, the person who oversees the estate will need to liquidate assets such as a family home. It is generally a good idea to get an appraisal done to verify its value prior to doing so. This may prevent family infighting or other accusations that assets were intentionally sold for less than market value.

Choosing the right executor is typically seen as an important part of the estate planning process. If necessary, a person can choose for an attorney to serve in this role or otherwise help an executor in a variety of ways. This may minimize the chances that an estate is not settled in a timely manner.