Executing an estate is a big responsibility. When you draft a will and appoint an executor, you should be aware of what that role entails.
Executors do not need to have extensive legal or financial know-how to manage their responsibilities. However, they must take care to fulfill all of their duties in accordance with all applicable law and your final wishes.
Submit your will
Your executor will need to have ready access to your will. He or she will then have to submit it to a local probate court and talk to your loved ones about your wishes.
Evaluate your assets
Before executors can do anything, they need to get an accurate estimate of what they are working with. Inventorying your assets could involve getting professional accounting or appraisal services.
Some financial obligations survive a person’s death. Under Ohio law, creditors typically have up to six months to make a claim against an estate. Your executor may pay creditors or challenge certain claims.
Defend your will
In the event that someone challenges your will, your executor will need to defend it. This responsibility can be somewhat difficult and may require legal assistance.
Keep your family in the know
Distributing assets does not happen overnight. Your executor has to update your family as transactions and legal proceedings take place throughout the process of executing your will.
Performing all of the duties of an executorship could take many months or sometimes even years. After an executor takes care of many complex logistical matters, he or she may begin to release funds and personal property to beneficiaries.