Tennessee Estate Administration
Nashville Probate Lawyer Explains the Role of an Executor
Being named as executor or trustee in the will of a loved one can be a great honor as this shows significant trust in your abilities and character in the eyes of your deceased family member. It is important, however, to recognize that the administration of a decedent's estate is a complicated procedure and can cause serious hardship in your life if you do not have legal guidance.
Estate Administration Overview
When your loved one passes away and you have been named the executor of their estate, then you will have a variety of different responsibilities. The first thing you must do as an executor is to gather information from the decedent's will, trusts, deeds, bank accounts, beneficiary forms, and many other documents. You will need to notify various entities of the death of your loved one, such as Social Security, the Department of Motor Vehicles, pension payers, and others. Keeping detailed lists regarding assets that are owned as well as unpaid debts that are still present at the time of death can help make this process easier. All assets will need to be valued according to the date of death for tax and other purposes.
You will then need to evaluate the proper transfer methods for assets to the beneficiaries. This will vary depending on the type of asset. You will also need to make arrangements to settle or to pay debts that are owed by the decedent whether directly, through probate, or other means. An estate tax return may be required, and this must be filed within nine months of the death of your loved one. Finally, the assets must be transferred to heirs and beneficiaries according to the provisions of a will or trust.
Named as the executor of estate?
I am David Whittaker, Attorney at Law, and I have years of experience in assisting the residents of Nashville, Tennessee in various probate matters. If you are facing estate administration, then it is highly recommended that you have knowledgeable representation on your side that can guide you through the process. Contact my firm today to discuss your situation and to pursue the future that you need.