If you’ve been named as the executor of your parent’s will in California, you have a big responsibility. You might not realize it, but the executor is responsible for overseeing and managing the wishes of the deceased.
That means your job is to make sure that your parent’s wishes are carried out once they pass away. Here are three steps to follow when serving as the executor of your parent’s will.
Understand your responsibilities
Now that you’re the executor of your parent’s will, familiarize yourself with your duties and responsibilities. Some of these responsibilities include locating and managing their assets, paying outstanding debts and taxes, and overseeing the probate process.
Get copies of important records
When it comes to acting as the executor of your parent’s will, it’s important to maintain accurate records. As an executor, you’ll need to keep detailed records of all financial transactions.
This includes all income, expenses, and distributions. You’ll also need to keep copies of all correspondence related to your parent’s estate. It’s also important that you keep copies of life insurance policies, death certificates, and burial plans. This documentation will help you stay organized during probate.
Coordinate with beneficiaries
When you’re working as the executor of a will, communication is essential. That’s true even when you’re the executor of your parent’s will. Your family members will look to you for information regarding the will your parents left.
Open and effective communication with the beneficiaries can help avoid conflict. To avoid family conflicts regarding the will, keep all beneficiaries informed about the progress of the estate administration. You should also keep them informed about any decisions you need to make about the estate.
Serving as the executor of your parent’s will can be a daunting task. But, with the right steps, you can avoid mistakes and disputes.
