When an individual passes away and leaves a will, the process of appointing an executor involves several legal steps that must be followed. If you have been named as the executor in a will, here are some guidelines for the appointment as the executor of the estate:
Steps for Appointment as Executor of Estate:
- Formal Appointment by Probate Court:
- The individual named as the executor in the will must be formally appointed by a probate court judge. This formal appointment is necessary for the executor to carry out the deceased individual’s wishes and administer the estate.
- Executor’s Consent:
- Being named as an executor in a will does not obligate you to accept the role. If the named executor does not wish to fulfill the duties or is unable to serve, the court may select an alternate executor.
- Filing a Petition in Probate Court:
- Before being officially appointed, the executor must file a petition in probate court in the county where the deceased individual lived. The executor must present the original will along with the petition and pay a filing fee, typically around $150.
- State-Specific Rules:
- Each state has its own rules and procedures regarding the appointment of an executor of an estate. Consulting with an experienced estate attorney can provide valuable advice and guidance based on the specific rules of the state.
- Responsibilities of the Executor:
- Once appointed, the executor has various responsibilities, including safeguarding all property and assets, settling outstanding bills and taxes, closing bank and investment accounts, and distributing remaining assets to beneficiaries as specified in the will.
- Real Estate Aspect:
- Settling an estate often involves preparing the deceased individual’s property for sale and selling it. An experienced Realtor can assist in efficiently managing this process.
- Acting Fairly and Honestly:
- The executor must always act in a fair and honest manner, prioritizing the best interests of the estate. Collaboration with Realtors, estate attorneys, and estate liquidators can be immensely helpful.
If you find yourself in the role of an executor and need assistance with the real estate aspect of settling the estate, The Olear Team can provide support. Contact us today at 716-880-4442 for expert guidance in navigating the real estate components of the estate settlement process.