Although no one wants to think about their parents dying, there is a chance that a child will be named executor of a parent’s will. Those who are named the executor will need to take specific steps to ensure that the estate can be settled properly. For instance, it may be a good idea to order as many as 15 copies of a death certificate and determine quickly whether or not the will needs to go through probate.
Locating key documents and asset records is a critical role for the executor of a will. Doing so makes it easier to gain access to passwords and other data that may make it easier to transfer assets to beneficiaries. It will also make it easier to verify the contents of a bank account or the overall worth of an estate.
Should a parent have multiple bank accounts, it may be best to consolidate the money inside of them to one account. It will reduce the amount of paperwork that needs to be completed and can make it easier to pay taxes or any other debts that a parent may have left outstanding. Although creditors and beneficiaries may want to be paid right away, those who study the issue say that a good executor is thorough and will take his or her time before settling an estate.
Those who are tasked with being the executor under a will may wish to ask an attorney for assistance. An attorney may be able to review estate administration protocols and help gain access to passwords or other information needed to settle the estate in a timely manner. In some cases, legal counsel will already have vital information stored in their office or know where it is located.