In the aftermath of a family tragedy with the passing of a loved one, you may be the one that has the responsibility to administer the deceased’s Estate.
You will need to file a Petition with the Court to be appointed Executor and produce the Will of the deceased if there is one. Once appointed, you will receive letters from the court authorizing you to take action with regard to the deceased’s assets and debts.
Your basic duties include:
(1) Identifying and taking into possession all assets which the decedant owned in his or her name alone.
(2) Investing assets while the Estate is pending.
(3) Identifying and notifying each person to whom the decedant owed money, and if the creditor files the proper claim, pay the debt from the Estate bank account.
(4) Prepare and file each income gift and death tax return due by the decedent.
(5) Prepare and file the accountings for the Estate.
(6) After being certain all creditors are paid and all tax returns are filed and taxes paid, distribute the remaining assets according to the decedent’s will.
For more information, contact us as (901) 844-7141.