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Sorting Out Estate -Executor On Will
Is there a guide available for an executor to follow that shows the required step by step process that's required ?
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Guide for executor here but I'm sure there are better ones available
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The executor of a will has several legal and administrative responsibilities upon the death of the testator (the person who made the will). Below is a step-by-step guide on how an executor should proceed:
1. Obtain the Death Certificate
Contact the relevant authority (e.g., hospital, funeral home, or vital records office) to obtain certified copies of the death certificate.
Multiple copies may be needed for financial institutions, government agencies, and probate court.
2. Locate the Will and Review Its Contents
Find the most recent and valid will of the deceased.
Check if there are any instructions regarding funeral arrangements.
Identify beneficiaries, assets, and liabilities.
3. Arrange for the Funeral and Burial (if not already done)
Follow any funeral or burial instructions specified in the will.
Use estate funds (if available) to cover funeral expenses.
4. Secure and Protect the Estate’s Assets
Locate and secure the deceased’s property, including real estate, bank accounts, investments, and personal belongings.
Notify financial institutions of the testator’s death.
Protect valuable assets, such as ensuring home insurance remains valid.
5. Open a Probate Case (if Required)
Determine if probate is necessary based on the estate’s size and local laws.
File the will with the probate court in the relevant jurisdiction.
Apply for Letters Testamentary (legal authority to act as executor).
Notify heirs, beneficiaries, and interested parties as required by law.
6. Notify Relevant Parties
Inform government agencies (Social Security Administration, IRS, etc.).
Notify banks, credit card companies, and other financial institutions.
Inform pension providers and life insurance companies.
7. Identify and Settle Debts and Taxes
Obtain a full inventory of the deceased’s debts.
Pay outstanding bills, funeral expenses, and any other obligations.
File the deceased’s final income tax return.
Handle estate taxes (if applicable).
8. Distribute the Estate According to the Will
Transfer assets to beneficiaries as per the will’s instructions.
Handle special bequests (e.g., charitable donations, personal heirlooms).
Prepare and maintain records of all transactions.
9. Close the Estate
Prepare a final accounting of all actions taken as executor.
Submit a final report to the probate court (if required).
Obtain court approval for closing the estate.
Distribute any remaining funds and formally close accounts.
10. Keep Records for Future Reference
Maintain detailed records of all estate transactions.
Keep copies of tax filings, court documents, and distributions to beneficiaries.
(Courtesy of ChatGPT!)
I've done both, without a will involves a bit more to get started but once you are going its easy enough and you can save thousands from grsping Banks and lawyers.
As said above start with a quick chat to the Citizens advice, they will give you sometips on where to start. They did me anyway and that was 30 years ago before a lot more came on line.
Brother and I were executor's of dad's will. We paid his accountant to sort probate, which saved us a trip into Leeds. The only thing a solicitor did was make three copies of the will for each of his children. A lot of this was through Covid Which made it slow progress. Went to the bank to sort out his bank account, it's possible to keep paying in to the account, i.e.monies due to the estate, a limited amount of things can be paid out before probate is granted, funeral and taxes are two of them, Be careful you get all debts and taxes paid correctly, it you distribute any money to the benficiaries and suddenly something like a tax bill comes along because of an error, the executor is liable to have to pay that, legally you can't go back and try reclaim money from beneficiaries. The only real hiccup came from some shares which were left to my brother, there was some dividends to come after his death, the company would only send a cheque in the names of the executors, but no bank will cash a cheque with two named payees, no way would they send it with one name or split it in two with one for each. We kept ignoring the company involved because it was for less than £50.
Five years on they finally sent a letter saying because it had not been cashed they were giving the money to charity.
blimey some good advice here ( and no bombers so far)
will- you do can yourself. so get the old fella to make a will before they die.
intestate - you need letters of admin before you can start ( the big big difference between the two) and may need prof help for which you pay
and for someone at the front end of making a will.... getting the executors ( they get to get the loolah) to pay attention is a real challenge. - ( me: I have a assigned pensions to your grandchildren ...) " oh yes little Fing Fing is JUST about to start on points at ballet)- - - me oh good.
I have even had: "the documents you sent are long long long. foo day are long. I have two lidddle children to bring up, so in twenty or thirty years I will sit down and read them with proper attention. foo! wow!
some ofthis is true
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