Honor or Nightmare: Serving As an Executor of an Estate

If you have been asked to be the executor of a family member or friend’s estate, then you have a duty under the law to act in good faith. You may want to consider if you have the time and talent to take on this important job before agreeing to do it because you can be heavily fined for failing to act in good faith. Therefore, it is essential that you understand what the duties an executor of a will must carry out.

Find and Manage Assets

The first duty of the executor is to find the person’s assets. This may include financial accounts, but it also includes real estate and other types of assets. After being sure that they have found all the assets, then they must manage the assets, which may include selling a business or property. If the person had real estate at the time of their death or they had more than $20,000 in assets, then the executor must arrange for probate court. If the person was still working, they will need to arrange to get the last paycheck. The executor must set up an account, and keep a careful accounting of all money that they handle.

Determine Who Gets Assets

The executor will need to determine if the person had a will. In the event the person had more than one will, the executor will need to determine which is the last will. The executor will then need to find and tell all people named in the will. If there is no will, then the executor must determine who is eligible to get the assets based on Nevada and federal law.

Notify Debtors and Pay Debts

The executor needs to determine to whom the person owed money and see that those debts are paid. If there is not enough money, or the debts are not paid for some other reason, then the person must notify the debtor when the probate court will occur.

With so many duties, it is important that a person choose an executor who is very responsible. Often times, hiring a probate attorney in Las Vegas solves many problems. They are aware of the law, and they can act in a disinterested party to see that everyone involved is treated fairly.