Responsibilities often change as parents get older and their children become adults. Sometimes, these changes involve managing your parent’s final wishes as an executor. Before agreeing to be an executor in New York, knowing what to expect from this process can ensure it goes smoothly.
Have total clarity
A well-made will should fully detail someone’s final wishes. However, considering everything that wills entail, you could run into situations that leave things unclear. Fortunately, you can solve this type of confusion as an executor by discussing your parent’s will with them. Having an open line of communication can prevent a lot of future headaches.
Obtain multiple death certificate copies
As unpleasant as it is to think about, your parents’ death certificates play a vital role in duties related to estate administration. You should be able to obtain an initial death certificate from a funeral home or a medical examiner’s office. However, banks, creditors and other parties will need a copy of this document. Not having death certificate copies when requested only slows down your duties as an executor.
Paying debts in the correct order
Another vital responsibility of an executor is resolving the debts of a person who passed away. Payment-related tasks to take care of often include taxes, mortgages and your parents’ other debts. For example, executors have up to nine months to file estate tax returns. It’s also important to know that most debts take priority over the inherited assets given to beneficiaries.
Being an executor can be a challenging time, especially while grieving the passing of one or both of your parents. Following proper executor guidelines can help you resolve your duties quickly and efficiently.