Being named executor of an estate is one of the most meaningful and trusting acts someone can ask of you. It’s also one of the most overwhelming, especially when it comes at the same time as grief. There is no manual or orientation on how to handle an estate, and suddenly there is a long list of responsibilities with real legal and financial consequences. At InheritNOW, we work alongside executors and families navigating this process every day. These are the four steps we recommend doing first:
- Find the Will and Secure Death Certificate
The will is the foundation of this entire process. It confirms your authority as executor and outlines the deceased’s wishes for the estate. Without a will, you have no legal standing to act on behalf of the deceased, and the court is unable to validate your role.
Death certificates are equally as critical since many companies and accounts will require their own certified copy. Most executors don’t realize how many they will need, so it’s helpful to request at least ten upfront. It is always better to have extras than to reorder them mid-process.
Common places to find a will would be the home safe of filing cabinet, a safety deposit box, or with the attorney who drafted it. If no one in the family is certain where it is, the accountant of the deceased is a good place to start.
- Account for Every Asset, Debt, and Ongoing Expense
Before distribution can occur, the executor needs a thorough inventory of what the estate holds and what it owes. That includes bank and investment accounts, real estate, vehicles, business interests, and property on the asset side, with mortgages, loans, credit cards, and outstanding bills on the liability side. Any debts must be paid before beneficiaries receive their assets to mitigate any consequences for you as the executor.
Carrying costs are another thing that catches people off guard when managing an estate. Property payments, taxes, insurance, utilities, and the maintenance of assets don’t pause during probate. These bills continue piling up until property is sold or transferred, and staying on top of them is part of your responsibility as an executor.
- Communicate With Beneficiaries Regularly
This step protects you and the people you’re serving more than anything else. Probate takes a long time, often months, sometimes years. When people stop hearing from the executor or you become unresponsive due to overwhelm, uncertainty and suspicion arise which is the main cause of estate disputes. A brief update every few weeks, even just to share where things stand and what comes next, can go a long way toward keeping trust intact and making everyone’s, including yours, life easier.
- Make Sure Beneficiaries Know Their Options
One of the most valuable things an executor can do is make sure the people waiting on the estate know what resources are available to them. As we discussed, probate can be long, and for some beneficiaries, the financial pressure of waiting is too much to bear on top of grief. Inheritance advances are a choice worth knowing. Through a company such as InheritNOW, a beneficiary can access a portion of their expected inheritance before the estate closes. Interest and credit check free. The advance is repaid directly from the estate once probate closes meaning nothing comes out of the heir’s pocket.
Not every beneficiary may need this, and not every estate will qualify, but someone who knows their options and a path forward is far more pleasant than one who feels financially stuck with no end in sight. Making them aware of what’s available is part of serving the estate well.
Being the executor of an estate is real work, and it deserves to be taken seriously and made as easy as possible. By approaching it methodically, keeping everyone informed, and not hesitating to bring in professionals where it makes sense, you’ll get through it, and so will the people depending on you.