- 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.
Navigating the Financial Challenges of Caring for Aging Parents
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