What Is the First Thing an Executor of a Will Should Do?
When appointed as an estate executor, your responsibilities begin immediately. Understanding the proper sequence of steps can help ensure the estate is managed efficiently and in compliance with legal requirements.
Initial Steps
Your first action should be obtaining multiple certified copies of the death certificate from the funeral home or the state’s records department. You should secure five to ten original copies featuring the raised seal.
Next, file the will and death certificate with your county probate court within the timeframe specified by your state – this can range from ten days to one year. You’ll need to obtain a “Letter of Testamentary” to confirm your legal authority to manage estate assets.
Building Your Support Team
Consider assembling professional advisors including an estate planning attorney, CPA, and financial planner. An attorney familiar with the estate becomes particularly valuable during probate proceedings.
Managing Estate Assets
Create a comprehensive inventory of all assets by thoroughly reviewing the deceased’s records and files. If real property is involved, maintain mortgage and tax payments while considering lock changes for security. For vehicles, arrange title transfers.
Open a federal EIN-designated estate bank account through the IRS. This separate account prevents commingling of funds and provides documentation of your transparent management.
Financial Responsibilities
Pay outstanding debts before distributing assets, as executors can face personal liability for unpaid obligations. File the deceased’s final individual tax return and any required federal estate tax returns.
Communication and Asset Distribution
Maintain regular updates with beneficiaries to minimize disputes. When distributing assets, follow specific will instructions when available. Be prepared for potentially emotional negotiations over sentimental items with minimal monetary value.
If you or a loved one needs assistance with probate or estate planning issues, do not hesitate to contact The Stegall Law Firm to book a consultation. We are here to help.
