What Are the Responsibilities of a Will Executor?
A properly drafted will should designate a person to serve as the executor of the estate. In some cases, a will names two people to be co-executors or the document may designate an alternate executor. If you have been asked to serve in this capacity, it’s a good idea to consult a lawyer in Tracy or Manteca. An estate planning attorney can help you understand exactly what your responsibilities will be.
Filing the Will
When an individual dies, his or her will must be filed with the local probate court. The court will determine the validity of the document. The court will also need the death certificate and the petition for probate.
Notifying the Beneficiaries
The document will identify one or more beneficiaries, also known as heirs. It’s the executor’s job to locate the beneficiaries and mail notices of the probate to each of them. Likewise, you’ll need to provide notice to each of the decedent’s creditors.
Identifying and Managing Assets
During the probate process, it’s the responsibility of the executor to safeguard the estate property. You may need to open an estate bank account and obtain an IRS identification number. You’ll need to track down each of the decedent’s assets, including bank accounts, investment accounts, and real property. Prepare a complete inventory of the estate assets, including professional appraisals as necessary.
It’s common for individuals to die with outstanding debts. It’s your job to identify all of these liabilities and use the estate assets to satisfy them. You’ll also need to close open accounts, such as credit cards, and cancel outstanding contracts or leases.
Once the decedent’s debts have all been satisfied, it’s time to distribute the remaining assets in accordance with the specifications of the will. First, you’ll need permission from the court to distribute the assets. Obtain and save receipts for the transfers of all of the assets. You’ll need to file these receipts when you request that the court officially release you from your duties as an executor.
Getting Help for Speech Problems After a Traumatic Brain Injury
Traumatic brain injuries (TBIs) can cause significant deficits across multiple areas of functioning. Patients with severe TBIs often require intensive therapy, including speech therapy. It’s important for these patients and their families to contact a lawyer in Tracy or Livermore as soon as possible. A personal injury lawyer can help families recover compensation to pay for these essential therapies.
When you watch this video, you’ll learn more about speech therapy and the importance of having an injury lawyer seek compensation on your behalf. The speech therapist interviewed here explains that the recovery process is unique to each patient; it’s difficult to predict exactly how long a patient will be in therapy. The attorney may need to consult the speech therapist regarding the patient’s anticipated future therapy needs.
Attaching Conditions to Inheritances
When drafting your last will and testament in the Tracy or Manteca area, you may wish to bequeath gifts to your loved ones. Unfortunately, not every heir makes wise financial decisions upon receiving an inheritance. There are ways of attaching conditions to inheritances that dissuade heirs from squandering their newly acquired assets. Talk to your attorney about this approach when you draft your last will and testament.
Your lawyer may suggest moving assets into a trust. You can then appoint a responsible trustee to distribute the assets to your heir in a fiscally prudent manner. The trustee will have the final word on whether to accept or reject the heir’s spending requests, although you can provide guidance on this matter. Another option is to establish a regular flow of money from the trust to the heir. For example, the heir could receive a certain percentage at age 18, another payment at age 21, and so on. You can even attach incentives to the inheritance. A trust may only make payments when the heir enrolls in college, graduates from college, or completes an addiction recovery program, for example.
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