When a Kentucky resident dies, the person who assumes responsibility for fulfilling their wishes and distributing their assets is the estate executor. This role comes with great responsibility to the person who passed away, their heirs, and even the state. If someone in your life asks you to be the executor of their estate, you might find yourself wondering what your duties are.
Get copies of the death certificate
The executor of the estate needs multiple copies of the death certificate. Experts typically recommend that you get 10-12 copies. The funeral home handling the services for the deceased can provide these certified copies. The death certificate allows you to close bank accounts, cash out insurance policies and more.
File the will
Before the probate process officially starts, the executor must file the will with the local probate court. If you believe that the estate needs to go through the probate process, the court will require you to file a petition for probate along with the will. The probate process can start once the court has a copy of the will.
Opening a bank account
As the executor, you take on responsibility for paying any bills owed by the estate. It’s easier to handle that part of the process by opening a bank account in the estate’s name.
Before beneficiaries can receive their final inheritance, the executor must pay the debts and taxes owed by the estate. Having the funds in a single bank account makes keeping the receipts in order easier and allows you to streamline the process of paying those liabilities.
While serving as an executor is a great honor, it comes with great responsibility. These responsibilities take a lot of time and effort, but many people embrace the role as their final act of service to the person who asked them to serve in that capacity.