Probate executor refers to an individual who has been appointed to manage all aspects of estate administration. Estate administrators can be designated through decedents’ last will and testament or confirmed by a probate judge. The probate process is required within the U.S. to settle decedent estates and distribute property and financial assets to rightful heirs.

A probate executor may have several duties to oversee or just a few loose ends to tie up. Much depends on the type of estate planning measures taken by the decedent, as well as types of assets owned. Family dynamics can play a large role in the efficiency of estate settlement. If heirs contest the Will they can drag probate out for months or years.

Estates valued over $50,000 usually require assistance from a probate attorney or estate planning service to ensure legal documents are properly recorded through the court. If a person dies without leaving a last will (intestate), a probate judge will appoint someone to administer estate duties.

In most cases the surviving spouse or family members are appointed as the probate executor. However, anyone can step into the role as long as they are over the age of 18 and have never been convicted of a felony offense.

When establishing a last will and testament it is best to appoint a probate personal representative that is good with finances; can work well under pressure; and will make decisions based for the good of the estate.

It is a good idea to appoint a primary and secondary executor. In the event the primary administrator is unable to fulfill duties at the time of the decedent’s death, the second estate executor can quickly step into the role.

Probate executors are responsible for submitting decedents’ last will to the probate court and placing a notice of death classified ad in local newspapers. Oftentimes they make or finalize funeral arrangements and notify relatives and friends of the funeral service. If the decedent owned life insurance, the probate executor must contact the provider and work with the funeral director to collect proceeds to cover funeral expenses.

Individuals who purchased life insurance policies should advise estate executors of the location of important documents prior to death. Life insurance policies are used to pay for burial expenses. Typically, beneficiaries assign their rights to the funeral home to cover these expenses. Any remaining funds will be distributed to named heirs after the funeral home has been paid.

While estate assets often transfer to the surviving spouse, if no spouse exists, the estate administrator is responsible for securing the decedents’ personal property and real estate. Valuable items must be appraised to determine date-of-death values. Nothing can be sold or given away until probate settles without court authorization.

Probate administrators are responsible for notifying government agencies of the decedent’s death. These can include Veteran’s Administration, Social Security Administration, Medicare, Medicaid and the Division of Welfare. In some states, funeral homes contact these agencies, but it is always best to contact agencies to ensure they have been notified.

Probate executors are also responsible for sending notice to creditors to inform them of the decedent’s death. If the estate is unable to fully repay creditor debts, the probate executor can attempt to negotiate the amount of debt owed. Depending on the amount of debts, a probate attorney may be required to assist with negotiations.

Estate administrators are responsible for cancelling insurance policies such as homeowners or renters insurance, automobile, and medical. When real estate is involved, homeowner’s policies should remain in place until probate settles. Premiums are paid through the estate until real estate transfers to designated beneficiaries.

Once outstanding debts are paid and a probate judge signs off on the estate, inheritance property is distributed to heirs according to directives outlined in the decedent’s Will or according to probate law. Estate administrators then provide settlement letters from decedents which provide evidence inheritance property was received. At this point, the estate is settled and probate administration duties cease.

Author Bio: California real estate investor, Simon Volkov, buys probated estates to provide heirs with cash for inheritance. If you are a probate executor who needs to sell estate assets to pay outstanding debts visit www.SimonVolkov.com to learn about available options.

Category: Family Concerns
Keywords: probate executor,estate administrator,last will,beneficiaries,heirs,inheritance property,probate