If You're Named An Executor: Your Role In Probating The Estate Of A Deceased Individual
When you are named the executor in the will of a deceased individual, you have a big role to play in the disbursement of the assets of the estate. You will be responsible for liquidating any assets that weren't left to a named individual, and dividing up the money of the estate as determined in the will. This may mean that you will have to clean out a house of antiques, have the belongings sold at an auction, sell stocks, bonds, or other assets, and overall, gather together every asset the deceased person had and adding it to the total money that is to be divided among the heirs.
If You Need Help
The attorney that created the will is generally a great resource for executors of an estate. If you are unable to fulfill your duties, the duties of an executor can be carried about by the attorney instead. If you need legal help, the estate will pay for an attorney to help you along through the process. If you aren't sure what you need to do but you want to give it your best effort, talk with an attorney about your duties and how you can fulfill them.
Liquidating Assets
Some assets don't pass through the will and are therefore not handled by the executor in any formal way. If there are life insurance policies or jointly held bank accounts that name a beneficiary, these accounts are given directly to the beneficiary without going through the will. Once you determine which assets have not been left to a specific individual, it's time to start liquidating the assets to add them to a total amount of money which will then be disbursed.
If the Assets Include Antiques
If you discover a household of items that may be valuable antiques, you can work with an auction company to perform an estate sale. The auction house will gather together all of the valuable in the home, and sell them for the estate at an auction. In the end, the estate receives a check from the sale of the valuables, and you won't have to worry about cleaning valuables out of the home.
When you are the executor, you may find yourself in numerous roles. If you need help, ask for it from an attorney. Don't promise heirs any sum of money until you know what will be disbursed. If you are not up to the challenge, hire an attorney to do the work for you. For more information, visit websites like http://www.davis2.com/.
