Acting as an executor can feel like a juggling act, especially when you’re also grieving. Courts have their own rules about how estates should be settled, and each step takes time. In many places, you might wait at least three months just to give creditors a chance to file claims against the estate. If complicated property issues or disagreements arise, the process can last far longer—sometimes years.
Getting Started
When a loved one passes away and leaves a will, that document typically names an executor. If there’s no valid will, the court will often appoint a close family member. Either way, your first move is usually filing paperwork with the probate court so you can receive legal authority to manage the deceased’s affairs. This might involve collecting personal items, securing real estate, or notifying banks of the situation.
Creditor Notices and Claims
Once recognized by the court, an executor must notify possible creditors. Often, you’ll place a notice in a local newspaper to alert anyone who hasn’t come forward. Some states have a set time—like 90 days in Mississippi—for creditors to file claims. Any valid debt needs to be paid from the estate before distributing assets to beneficiaries. If the estate doesn’t have enough cash on hand, you may need to sell property to cover those bills.
Sorting Through Assets and Debts
Being executor also means figuring out exactly what the deceased owned. This might include checking and savings accounts, a home (or multiple homes), vehicles, retirement investments, and more. Some assets transfer automatically to a joint owner or a named beneficiary, so they might not be part of the probate estate. For anything that stays under probate, you’ll list it in an inventory for the court. Meanwhile, you’ll also handle expenses like funeral costs or property taxes.
Paying Taxes and Other Fees
Estates can incur various costs along the way, including attorney fees, court costs, or appraisal charges for valuable items. You might also have to submit final income tax returns for the person who passed away. Occasionally, if the estate is large enough, there may be estate taxes to deal with. All of these costs typically come out of the estate’s funds, so keep close records of every payment to avoid confusion later.
Distributing Assets and Closing the Estate
After debts and taxes are handled, the next stage is transferring what’s left to the heirs. If there’s a will, you’ll follow its instructions. If no will exists, you follow the laws of your state—often called intestate succession. Once distributions are finalized and everything is accounted for, you can ask the probate court to close the estate. That’s the signal you’re done with your primary executor duties.
Tips for Staying on Top of Your Role
- Stay Organized: Keep a dedicated folder or digital file for each account, bill, and asset.
- Update Beneficiaries: Provide regular progress reports, especially if unexpected issues delay distributions.
- Use Professional Help: A local estate attorney or tax advisor might save time and help head off mistakes.
- Watch Deadlines: Mark critical dates—like filing deadlines or tax due dates—on a calendar. Missing one can mean extra court visits or added expenses.
Inheritance Advances for Those Tired of Waiting
If you’re an heir, or you’re acting as executor while also inheriting something, you might be watching bills pile up while probate drags on. In that scenario, a probate cash advance could help. Rockpoint Probate Funding offers a way to receive part of your inheritance before everything finalizes. Approved applicants often get funds quickly, and the advance is settled later from the inheritance itself—so there aren’t monthly payments to worry about.
For more information, call Rockpoint Probate Funding at (888) 263-8588. They can explain how the process works, what documents you’ll need, and whether an advance makes sense in your situation.
