When an individual passes away, someone has to deal with their estate. Oftentimes this is a loved one who has been named by the now deceased individual as the estate’s executor. It’s a big obligation, and an honorable one.
Yet, the stress associated with the position can leave you riddled with anxiety and uncertainty. By learning more about what the position entails, though, you can better prepare yourself for the road ahead, demystifying the process and giving yourself a level of certainty. And if you’re engaging in estate planning, then this post will help you understand what to expect of your estate’s executor.
The duties of an estate executor in Ohio
An estate’s executor has many responsibilities that must be carried out with integrity to protect the viability of the estate. Here are some duties that you’ll want to be aware of moving forward:
- Gathering relevant documentation: One of the first things an executor has to do is gather paperwork. This included a death certificate and all estate planning documents. Only then can the executor take additional steps to handle the estate.
- Determining whether the estate needs to go through probate: In some instances, assets are left to beneficiaries through estate planning vehicles that skip the probate process. This includes assets that are in most trusts. But if an estate fails to name beneficiaries, then those portions of the estate will need to go through the probate process, and the executor will be responsible for kickstarting that process by filing a proper petition with the probate court.
- Opening a bank account for the estate: Estate assets should be kept separate from those assets individually held by the executor. Otherwise, it’s all too easy for allegations of misappropriation to be made. Opening an account in the estate’s name will require an Employer Identification Number, which you can secure from the government.
- Inventorying the estate: To know what assets need to be dealt with, you’ll need to conduct a thorough inventory of the estate’s assets. It’s also important to identify any pending debts owed by the estate so that they can be dealt with accordingly from the estate’s assets.
- Making notifications: Of course, you’ll want to notify the deceased’s love ones of the death in their family, but you’ll also need to inform them of any inheritance they are set to secure so that you can distribute those assets accordingly. You’ll also have to put debtors and the government on notice of the death.
- Keeping accurate records: The executor needs to keep clear and accurate records of all actions taken on the estate. By being diligent here, the executor can reduce the risk of being accused of impropriety and other forms of wrongdoing.
- Keeping an accounting: The probate court will likely require the executor to periodically submit accounting records. This ensures that the estate is being properly handled and that appropriate fees are paid.
Do you have lingering questions about the role of an estate executor in Ohio?
This is just a handful of the duties that must be carried out by an estate executor. There are other important tasks that must be accomplished to maintain and settle an estate. So, if you have questions about the role of an estate executor or how to appropriately carry out the job, it’s incumbent upon you to seek clarification.
Otherwise, an unwitting mistake could lead to allegations that are damaging to your reputation and your financial well-being. By seeking clarification, you can navigate the executor role, confident that you’re doing what you can to successfully fulfill your obligations.