Probate Process: Information for Executors
When you agree to be the Executor of an estate, there are specific duties that you will be required to perform so that the estate can be settled. In most cases these tasks are very basic and can be completed quickly. However, there are times when some of these tasks may be more time-intensive.
Tasks That You May Be Required To Perform As Executor of An Estate
• Complete a final accounting of all debts and ensure that these are paid form the estate
• Make a complete list of assets to submit to the Court
• Have assets appraised if necessary
• Notify beneficiaries that the estate is entering into probate
• Find missing heirs if necessary
• Distribute inheritances that are not included as part of the probate hearing
• Submit required paperwork to the Court and any additional follow up requirements
Additional tasks may be required based on the estate and the contents of the Will.
How Tulsa Estate Planning Lawyers Can Help
Probate can be a very expensive and time consuming process. Thankfully, it can also be avoided in many cases. Proper planning of your estate can easily help your family avoid this entire process. At that point, the executor would have significantly less duties to perform.
Using Tulsa estate planning lawyers can also help individuals protect their families from excessive taxation on the estate. The use of Trusts and similar financial products can greatly reduce tax burdens for the beneficiaries. Additional services provided by an estate planning attorney can protect all of your assets while you are here and after you have passed away.
It is very important to understand that estate planning is not just for the very wealthy. Everyone, regardless of the value of their assets should have estate planning in place. This protects the remaining family members in many ways. It can also eliminate many of your current tax burdens helping you to enjoy more of your income now.