The Responsibilities Of The Executrix In Probating An Estate
Upon the demise of the person that had an estate, that ownership is hitherto relinquished. For this reason, measures must be taken to ensure that the property is passed on to beneficiaries who are alive. This process is what is referred to as the probate and the person handling it is the executor. In light of the fact that you are likely to come face to face with such a scenario, it is important that you have gained proper understanding regarding the duties that are assigned to the administrator. In the event that you are the person that will hold that position, it is essential that you are conversant with what you are getting into.
A copy of the testament must be traced so that it can be registered at the probate court at the local level and that becomes your first duty. In addition, you must see to it that you are well acquainted with what the will states. In particular, you must find out who the real inheritors of the estate are.
As an administrator, it is your role to pass the information about the passing on the testator. This will include the financial institutions alongside the government bodies. It is highly recommended to do this early enough so that you do not end up facing certain restrictions. As well, it is the role of the administrator to inform members of the family of the deceased regarding what has transpired.
The creditors of the deceased person must be notified of the happenings by the administrator. Certain states require that the notification be done through the newsprint. It is at this point that the creditors are asked to bring the claims that have against the testator. After that the executrix is expected to authenticate the claims and refuse the ones that do not appear valid.
Another the key role of the executrix is to ensure that the evaluation is carried out on the estate in order to meet the necessary tax requirements. Towards this end, you must seek to determine if there are any payments that are due. On the other hand, any incomes that are derived from the estate at the duration of the probate must be declared and taxes paid.
It is your responsibility as an executor to ensure the property is maintained until the period when the entire process of probate is dispensed with. Thereafter you must carry out the allocation of the assets to the dependents in strict compliance of what the testator willed. The net assets should then be put up for sale.