Your loved one passed away, and you expected you might be the executor. They never talked about it with you, and you never had to help them in that way during life. You were not surprised, though, when you were informed that you had the role.
Now, you need to figure out how to handle and distribute the estate. Here are four fast facts that may help.
1. Probate can take years
While most cases take only a few months, the truth is that probate can take years. Why? Every case is different, and the complexity of the estate has to be considered.
2. You’ll need to get a credit report for the decedent
As the executor, you will need to seek out a credit report for the decedent. By getting a credit report, you can identify any potential creditors. You need to notify them of the individual’s death, so you can show the court that you did try to find any potential debts that could be claimed against the estate.
3. You can be held personally liable if you mess up
If you’re an executor and make financial mistakes, you need to watch out. You could be held responsible for those errors. That’s why it’s important to post bond prior to starting to work with the estate.
4. Your attorney will keep you on track
Finally, remember that it’s smart to work with an attorney who understands probate and what it takes to close an estate. This entire process of probate can take months or years, and you want to have someone on your side throughout it.
Probate may be complex, but with help, it’s something you can handle.
