- Locate the Will: The executor must locate the deceased person’s Will to determine who is appointed as the executor.
- Obtain Letters Testamentary: The executor must obtain a court order called “Letters Testamentary” which gives them the legal authority to act as the executor of the estate.
- Notify Beneficiaries: The executor must notify the beneficiaries named in the Will of the death and their appointment as the executor.
- Secure Estate Assets: The executor must secure all of the deceased person’s assets and property, such as real estate, personal property, and bank accounts.
- Pay Debts: The executor must pay the deceased person’s debts, including any funeral expenses, mortgages, and credit card debts.
- File Estate Tax Returns: If the estate is large enough, the executor must file estate tax returns and pay any taxes owed.
- Distribute Assets: The executor must distribute the deceased person’s assets to the beneficiaries as outlined in the Will.
- Close the Estate: The executor must close the estate once all debts have been paid and all assets have been distributed.
- Keep Records: The executor must keep detailed records of all transactions related to the estate and be prepared to provide documentation if necessary.
Caring for aging parents can indeed be a significant financial challenge for many individuals, often resulting in the depletion of wealth over a relatively short