If you have learned that you have been appointed administrator of an estate or executor of a will, you may not be prepared to take responsibility. The unfortunate thing about death, most of the time, is that there is tangible work to be done at a time when family members are least prepared to do it. Through the haze of grief, you are expected to make good financial and legal decisions. Obviously, this is much easier to do with the help of a probate attorney. Find one you can trust and get on with the business of managing wealth.
Protect assets
If you are the official executor of someone who owned very little, the job probably won’t require much effort. On the other hand, if the deceased owned a large number of properties, all of which are packed with tons, he could have a huge task ahead of him. Trying to do it on your own without a probate attorney is a big mistake and will almost certainly lead to nasty legal tangles. Your job is to protect assets. Review the decedent’s records to find out who owes the estate money. And find out what needs to be done to continue the business interests of the deceased, if that’s your goal.
Pay debts
While it certainly won’t be your responsibility (usually) to go into your own pockets to pay off the deceased’s debts, a probate attorney will tell you that it will be your responsibility to cover your debts with your own property and assets. . You will first need to look at income taxes, property taxes, and other government loans. Next, you will need to examine private debts that will not automatically be canceled upon your death. Don’t be surprised if there isn’t much left to go around after these debts are settled. This is usually the case.
Distribute the remaining assets
Once the debts have been settled, it will be time to distribute the rest of the property and assets to the beneficiaries named in the will. If there is no will, of course, things will quickly get complicated. Even a will can be left open to interpretation and challenge. It is not uncommon to see a family in turmoil when rightful ownership is questioned. Greed plays a role, but so does emotion. Nobody likes to think of themselves as their favorite nephew only to find that they haven’t left anything behind. Work closely with your probate attorney to keep things from getting out of hand.
