After writing a will, one of the next steps is to name the executor of an estate in California. This person is placed in a high position of trust and assigned a list of sole responsibilities to fulfill. The estate executor has a good number of tasks that starts with understanding all of the required duties.
Contact the beneficiaries
Every will has a list of beneficiaries to maintain, such as by verifying the person’s contact information. The will determines that each person is entitled to a share of the owner’s assets. After his or her death, the beneficiaries have to be contacted and informed of the upcoming court proceedings.
Inform the creditors
Notify the creditors after the estate owner’s death. Outstanding debts are often paid off automatically, and the remaining funds are distributed to the family members.
Identify the assets
The executor is responsible for identifying every asset from furniture to vehicles. The identification process is necessary to ensure that every valuable asset is accounted for in writing and given to the right owner. It’s easier to file a lawsuit over an asset that is acknowledged in writing.
Maintain the assets
An estate executor assumes the role of a business manager. You are the person in charge of what happens to another person’s money, personal belongings and properties. Fiduciary duties include making sure that the assets are not stolen, damaged or sold and kept in their original condition as outlined in the will.
Deciding who will handle your estate
Planning an estate starts with writing a will and follows by naming an estate executor. Not naming the correct person for the job could jeopardize the security of the estate and increase the number of legal complications in the future.