Estate plans often include specific details about a person's estate, including their wishes about what should happen to their property and assets. While many estate planning discussions are about what to include in your estate plan, it is also equally important for individuals named as executors of an estate plan to understand their responsibilities and what is expected of them.
Being named an executor of someone's estate can be a bit daunting for some individuals. The executor of an estate has many responsibilities, and it can be difficult to understand the complex process of estate administration in Minnesota. While the probate process can be difficult, being aware of what the process includes and what problems you may run into can help in the future.
After being named an executor of an estate plan, it is important to understand your duties during the probate process. There are several duties the executor will be responsible for completing. Some of the duties include locating heirs and beneficiaries of the estate, finding the assets in the estate, paying creditors, distributing property according to state laws, helping pay final income taxes and submitting the estate to probate.
These duties can seem complicated and overwhelming, especially regarding asset distribution and preparing gift and estate taxes. While some of the duties may be simple to handle, the probate process can become complicated very quickly.
Executors responsible for managing the estate may benefit from consulting an estate planning attorney to understand the process, save time and make sure the probate process goes as smoothly as possible.
For more information about being an executor during the probate process, please visit our probate lawyers page.