6 Things That All Executors Should Know

If you have been named as an executor of an estate, you might be feeling a bit overwhelmed. Becoming a representative for a deceased person and ensuring that their finances are distributed according to their wishes is an extensive process. However, there are a few tips that can help.

Below, we are going to discuss six different things that all executors should know. Interested in learning more? Then keep on reading.

Communication is vital

When it comes to handling an estate, you will need to communicate with a lot of different people. From beneficiaries, creditors, real estate agents, and lawyers, you need to be able to talk regularly and efficiently. However, there’s more to it than just that. You also have to keep records and notes of all of your communications so that you don’t forget a thing.

You want to have the support of a professional team

If you were a part of, or have been through an estate planning process, then you probably know how much easier it is to have the support of a professional team. You can’t do everything yourself, and having the right individuals there to guide you can make the entire process much less stressful. If the deceased hasn’t already put in place who you can talk to, ask around for recommendations, and read reviews online. To learn more about the process, check out this guide to probate in the UK by AFG Law. It really can be a big help.

Keep your records as organized as possible

While today we aim to turn most things digital, there will still be a lot of paperwork that you need to sort through. Keep all of your records together in one place and organize important documents into categories. It can even be worthwhile to have a checklist with you when doing so.

Remember to cut unneeded expenses

Many executors forget that there can often be expenses that will drain the deceased accounts. This could include things like subscriptions, memberships, and even cell phone bills. It’s your job to protect the assets, so make sure you go through everything and cancel if you can. The sooner you get it out of the way, the better.

Stay in touch with your beneficiaries to avoid problems

When it comes to your beneficiaries, keeping them informed is exceptionally important. Otherwise, they may become problematic and make your job even harder. If you will be delaying releases of assets, or are having trouble sorting through the will itself, a simple phone call explaining what’s going on can make a big difference.

Don’t distribute anything before paying debts

Lastly, the most important thing to remember as an executor is that you shouldn’t distribute anything until you have sorted out all existing debts. All creditors must be paid first, so even something as small as a piece of jewelry should not be given until advised by the court. This may anger beneficiaries, but it is a rule that has to be followed.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes