When someone in your family passes away, their estate typically goes through probate. Considering that, most decedents in Kentucky choose to have someone oversee the distribution of their estates. This role is otherwise known as an estate’s executor. With that in mind, here are three duties executors typically carry out.
Submitting a will to the court
First, an estate’s executor needs to submit a decedent’s last will to their local probate court. Next, the executor will need to attend a hearing. This hearing allows a judge to determine a will’s validity.
Identifying assets
After the will receives approval, an executor can start identifying and gathering the assets of a decedent. If this person took part in estate planning before their death, these assets should be somewhat easy to track down. This process might involve searching for information to access financial accounts and safe deposit boxes. If there are a lot of assets to gather, an executor might rely on help from beneficiaries.
Notifying others of a decedent’s passing
An estate’s executor must also notify other parties of a decedent’s death. You’ll need to contact all of a decedent’s beneficiaries to let them know of the passing. This is also the time to cancel or otherwise take care off a decedent’s accounts. Since an estate must pay a decedent’s debt, an executor is also in charge of paying these expenses. This process can be time-consuming if a decedent had a lot of open accounts.
In closing, executors play vital roles in the probate process. Once an executor finishes their required tasks, they’ll submit information noting the settled estate to the court. In most cases, executors receive payment for their duties from a decedent’s estate.