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The Duties of an Executor, Continued

Executor Duties | Estate Lawyer in Cary NC

Are you thinking of working up an estate plan soon? If so, one of the biggest roles you should fill lies within choosing an executor. An executor is the person that will take care of your affairs and estate plan after your death. This is an important person and they should be chosen carefully. This person will also work closely with your estate lawyer in Cary NC, as well.
An executor is responsible for collecting data and information for the following, pertaining to your estate.

  • Bank accounts
  • Brokerage accounts
  • Retirement accounts
  • Property
  • Collections
  • Antiques
  • 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.
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.

If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our lawyer to get started estate planning, today.

Eldreth Law Firm PC | Estate Lawyer in Cary NC

As always, feel free to contact us with any questions or concerns you may have about your estate plan. Also contact our estate lawyer in Cary NC to schedule a consultation if you have yet to update your plan since first creating it. Updating your plan is important. In addition, our firm is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.

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