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The Duties of an Executrix or Executor When Probating an Estate

 

Estate law is a legal field that is involved with probating an estate. Upon the death of a loved one, you should hire an executor to help in probating an estate without facing any difficulties. The dead are not usually allowed to own property hence the assets and property including estates are usually transferred to another party. After reading the will to know who takes over the estate, you should hire an executor to oversee the legal process of probating the estate. In most cases, the executor is usually nominated by the deceased. What are the duties of an executor or executrix from this page? Keep reading so that you can lead learn some of the key duties of an executor when probating an estate.

 

The first duty of the executor is to file a copy of the will with the probate court. The application should be done in the local probate court as stated by the law. In case the deceased owned property in several areas, the executor will be expected to file a probate application in the regions. Apart from filing a copy of the will, the executor will also get in touch with all the financial institutions and government agencies that are involved. According to the law, a decedent has no right to hold a bank account or receive government benefits. Therefore, you should ensure that you inform all the agencies and banks about death. Be sure to click here for more info!

 

An executor will also create a new bank account for the incoming and outgoing funds. If someone owed the decedent, the money will be paid in this new account. Also, all the recurrent bills such as loans and car financing, the money will be paid from the account as the probate process progresses. Besides, the executor will also set up an inventory and file it. The state and the probate court usually demand an inventory of the state together with appraisal information. The appraisal is usually helpful in determining the taxes to be paid from the estates. Get into some more facts about lawyers, visit https://www.britannica.com/topic/legal-profession.

 

Also, the executor usually has the power to obtain an order for probate. After the application process, the probate judge will issue an order if the beneficiaries do not contest. Finally, when probating an estate, the executor will pay off debts. One of the debts that the executor will pay is tax to the government from income, retirement funds, and assets. From the above discussion, it is evident that hiring an executor is key when probating an estate.

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