You will need to contact the executor of the passed loved one's will.
The Executor of an estate is the person named in the will of the deceased as the person to administer the will and to ensure that their final wishes are respected.
1. Do you want to be the Executor? – As executor you can
make sure that your loved one’s final wishes are carried out. If you are also a
beneficiary, it will ensure that your interests are protected. If your spouse
dies, you will most likely be required to act as executor. You may be designated
executor of the estate of a deceased parent, relative or even a friend. If you
feel unable to fulfill your obligations, you can file a document with the
probate court declining the job. Most wills name an alternate. If there is none,
the court will appoint one.
2. Do you need to hire an Attorney? –
If you are the main beneficiary and the estate involves common assets, such as a
house and contents, insurance policy and bank account, you may not need an
attorney. True, an executor must file lots of paperwork, but the probate court
clerk can provide you with much assistance. But if the estate is complex,
contentious or involves guardianship of young children, you should get legal
help quickly. A good estate attorney can perform most of the executor duties
even though you will still have to sign off on most documents before
filing.
If you are the executor of the estate, errors could be costly.
Avoid these pitfalls:
Also – if during the probate period the estate earns more than the minimum amount allowed, (from stock
dividends, interest on bonds, etc.), you’ll also need to file an income return for the estate. Filing late returns can cause penalties that will reduce your inheritance.
EXECUTOR'S CHECKLIST:
1. Obtain a number of “certified” copies of the death certificate. You’ll need them many times during the probate process.
2. Locate the will and other important papers: stock certificates, trust documents and the insurance policies.
3. Apply to appear before probate court.
4. Notify beneficiaries named in the will.
5. Send death notices to post office, utilities, banks and credit card companies.
6. Inventory belongings. Have them appraised if necessary (recommended).
7. Check with deceased’s employer for unpaid salary, insurance, etc.
8. File for Social Security, civil service or otherveteran’s benefits.
9. Open a checking account in the name of the estate to cover expenses, such as legal fees, funeral expenses and taxes.
10. File state, city and federal tax returns.
The Executor of an estate is the person named in the will of the deceased as the person to administer the will and to ensure that their final wishes are respected.
1. Do you want to be the Executor? – As executor you can
make sure that your loved one’s final wishes are carried out. If you are also a
beneficiary, it will ensure that your interests are protected. If your spouse
dies, you will most likely be required to act as executor. You may be designated
executor of the estate of a deceased parent, relative or even a friend. If you
feel unable to fulfill your obligations, you can file a document with the
probate court declining the job. Most wills name an alternate. If there is none,
the court will appoint one.
2. Do you need to hire an Attorney? –
If you are the main beneficiary and the estate involves common assets, such as a
house and contents, insurance policy and bank account, you may not need an
attorney. True, an executor must file lots of paperwork, but the probate court
clerk can provide you with much assistance. But if the estate is complex,
contentious or involves guardianship of young children, you should get legal
help quickly. A good estate attorney can perform most of the executor duties
even though you will still have to sign off on most documents before
filing.
If you are the executor of the estate, errors could be costly.
Avoid these pitfalls:
- Paying bills with your own funds: DO NOT pay your deceased parent’s credit
card or other bills with your own money. You are not legally responsible for
those debts, and money to pay them should come from the estate. In addition,
estate taxes are based on the net value of the estate, which is the estate’s
value minus any debts. If you pay the debts, the estate’s net value will be
higher, increasing the likelihood you’ll owe taxes. - Overlooking assets: As executor, you’re responsible for compiling an
inventory of everything in the estate: real estate, cars, stocks, bonds,
insurance policies. If you discover assets after the estate has been settled,
the probate court will reopen the estate, prolonging an already painful and
tedious process. One way around this problem is to have the deceased person’s
mail forwarded to your own address. That way, you’ll find any undiscovered
assets through statements and other documents. - Failing to file tax returns: Spouses receive an exemption from estate taxes,
regardless of the size of the estate. Also, if an estate is valued at less than
the amount specified by law at the time of death, the estate is exempt from
taxation of this sort. However, even if the estate is exempt from estate taxes,
you still must file the deceased’s final federal income tax return. It is due
April 15 of the year following the death.
Also – if during the probate period the estate earns more than the minimum amount allowed, (from stock
dividends, interest on bonds, etc.), you’ll also need to file an income return for the estate. Filing late returns can cause penalties that will reduce your inheritance.
EXECUTOR'S CHECKLIST:
1. Obtain a number of “certified” copies of the death certificate. You’ll need them many times during the probate process.
2. Locate the will and other important papers: stock certificates, trust documents and the insurance policies.
3. Apply to appear before probate court.
4. Notify beneficiaries named in the will.
5. Send death notices to post office, utilities, banks and credit card companies.
6. Inventory belongings. Have them appraised if necessary (recommended).
7. Check with deceased’s employer for unpaid salary, insurance, etc.
8. File for Social Security, civil service or otherveteran’s benefits.
9. Open a checking account in the name of the estate to cover expenses, such as legal fees, funeral expenses and taxes.
10. File state, city and federal tax returns.