Executor of Estate (PR)
The Executor is normally nominated in the Will but it is the court who formally appoints the Executor after a noticed hearing. An executor is legally responsible for carrying out the instructions in the person's will and handling their estate (their money, property, and possessions).
The executor of an estate should be an honest and impartial person. The responsibilities of the individual include reading the deceased Will, ensure that any debts and taxes are paid, and distribute the remaining property to the beneficiaries legally and appropriately to the deceased’s wishes.
• Determine if probate is necessary, it varies. Jointly owned property passes to the surviving owner without requiring the case to go to probate. the California Probate Code provides that probate estates of $150,000 or less do not need to be probated.
• Gather the assets; since you will be responsible for paying any debts and unpaid taxes, collecting all the deceased person’s support is essential for managing them appropriately.
• Who are the rightful heirs? The responsibility of determining who the heir(s) falls on the executor; they usually need to locate and contact everyone that supposed to inherit money or property. If there is a will, the executor will distribute the property to the heir(s). When there is no will in place, the executor’s responsibility is to determine the rightful heirs. It varies by state, so it is essential to review the state laws before distributing the property.
While there may be a pile of paperwork and duties to perform as an executor of an estate, handling them alone is not your only option. Many probate Realtors help with property, paperwork, and tasks along the way. As the estate executor, you will need to make sure taxes are paid, debts are satisfied.
If there is not enough money to pay any debts or taxes, you are not personally responsible for them, but you may need to sell the deceased’s personal property and real estate to pay for these debts.