Have you been named an executor of an estate and aren’t sure what to do in the event that your loved one passes? You’re not alone. Many people feel overwhelmed and stressed during this time. Here, you’ll find a continuation of a series of posts that help you better understand the duties of an executor. If you missed our previous blogs, be sure to check back here for more information. Call our office to speak with our wills lawyer in Cary NC should you have any questions.
If there are any payable on death bank accounts or securities, they should be transferred to beneficiaries.
Any IRAs or retirement plans that have been planned to go to beneficiaries should be transferred to them.
Any property left to a surviving spouse or that is held in a trust should be transferred to the spouse. Any other assets held in a trust should also be transferred to beneficiaries.
Government bonds should be re-titled or redeemed by the beneficiary or executor.
Set up a new management plan for any businesses that may have been solely owned by the deceased.
In the event that your loved one was a painter, sculptor, author, musician, artist, composer, or other type of artist, work towards arranging the management of current and future sales, royalties, and other amounts of money that could come in on behalf of their work.
If rental properties are owned, set up management for all properties that may be in state or out of state. Should there be any contracts or leases that involve the deceased, terminate those.
If there are mortgages, insurance premiums for homeowners, utility bills, or other payments pertaining to owning a home, be sure to continue paying those until the property is re-titled or sold.
We know how difficult this time can be when dealing with your loved one’s passing as well as fulfilling your executor’s duties. That’s why we have this checklist for you to reference during this time. For more information, be sure to head over to our final installment of this series.
Klish and Eldreth PLLC | Wills Lawyer in Cary
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 wills lawyer in Cary 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 office.