The death of your loved ones can be hard to handle as it is especially difficult to navigate the sale of your relative’s estate. The legal proceedings and costs of selling the estate can be costly, but with this tasks list, you can save money. So, take these below steps while the testator is living to make the executor’s job easier.
Knowing the location and other documents
The vital step is to know the location and other documents. So the executor’s job is easier if the testator keeps all original documents including the wills, partnership agreement, deeds, insurance policies, power of attorney and other important documents. Moreover, keep the Xerox hard copies as a backup. The copies can be held directly by the agent or by the testator’s lawyers. It will be helpful if more than one person or spouse has been registered as having access to the box.
Combining your property and accounts
If the testator has a spouse, they would prefer that property and bank accounts flows immediately through to the widow or widower if possible. The simplest way to ensure is by joining the accounts as joint, and ensure that the property and the titles are on both names. It is an added benefit of reducing the size of the estate as long as both parties don’t die simultaneously.
In case, if the testator has gone through a divorce process, or outlived a child, remarried, or experience some similar incident, the list of beneficiary’s will likely need updating.
Tester’s preference record
Does the testator want a big wake or a small ceremony? Are there any charities they want to support after all the receivers die? These preferences need to be in writing and signed by the testator.
Creating a list of possessions and assign recipients
There is one common trouble that many executors overlook: dispersing personal possessions that have little financial value but great sentimental value. While working with the testator, the executor can create a rough draft of a list for things that are dispersal of personal items along with the distribution system. Sharing the list to those who are involved may eliminate problems. People who have high-net-worth give financial gifts before their death itself. Organized dispersal makes an executor’s job easier and helps to balance the issues of fairness.
Creating a yearly accounting sheet and updating schedule
Due to a computer, you can easily track the changes in the accounts and possessions. In case, the testator keeps an electronic track of the estate annually, so that the executor will have a good snapshot of assets whenever it is needed.
Getting sealed online account documents
As it is the digital era, an executor should have details of the testator’s online accounts like Facebook, eBay, PayPal, and many more. So, that they can deactivate it after the death of the person. It can be done by presenting the death certificate to many of the similar sites. Even the documents simplify the work of executor.
Hiring the professionals
The person you hiring as an executor should be familiar with the lawyers, accountant and other testator employ. They may help you in further advice about the specific to the testator’s situation. It can include diverse partnerships and complicated ownership of the property.
Arrangement will reduce the burden of being an executor. Taking the above steps while the testator is alive will ensure that the executor can carry out the testator’s wishes. Moreover, the executor will know about what to do with the deceased estate.
Hello everyone, I am Ariana Mortenson, a professional writer and blogger. I write on various niches in a way that it’s understandable and appealing to the people and allows you to make informed and valuable choices. Follow me on Twitter, LinkedIn and Pinterest.