Attorney in Raleigh NC: The Importance of an Estate Executor
Welcome back. In our last we post began discussing the importance of choosing the right executor for your estate, as well as what happens, step by step, to your estate, in the event of your death. Upon your death, the executor will make sure that family and loved ones will receive their inheritance in a timely manner, potentially with little to no delays, tax issues, or will contest. Therefore, it’s important to choose someone you trust with this task. Below, our attorney in Raleigh NC discusses the next few steps that occur after your estate is opened:
Attorney in Raleigh NC | Step 2: Collecting Assets
It is the executor's job to take a precise record of all assets belonging to the deceased. This list includes:
- Bank accounts
- Brokerage accounts
- Retirement accounts
- Other valuables
These belongings often must be charted and presented to the probate court for review. Though the tasks can be time consuming and tedious, it’s important that the recording of assets be accurate and complete so that the heirs receive their inheritance in a reasonable amount of time.
This task will also require the executor to go through personal paperwork and information as well as interview heirs or locating ownership documents that the local town hall will have on file.
Step 3: Managing the Estate
It is the executor’s duty to use estate assets to pay the deceased’s bills. Conversely, it is the executor’s duty to go after any money owed to the deceased. Paying bills is necessary to protect the estate, the executor, and the beneficiaries. Collecting money is important to provide the most assets for the beneficiaries.
In the event that the deceased owned a business, the executor may have to sell or wind up and wind down the business. Any money gained from this may benefit the estate and the beneficiaries.
Choosing the best executor for your estate is important. It’s something that should be taken very seriously with a lot of consideration. For more information on how to choose an executor for your estate, be sure to check back with our attorney in Raleigh NC soon.