DOCUMENTS EXECUTORS HANDLE AFTER A LOVED ONE PASSES
Family members in Texas often fight over who should get to be the executor of the will. When their loved one passes and the executor gets named, many people view this as evidence of favoritism. Not all families are like this, but when it is the case, it can make wrapping up the final affairs even more difficult.
Even without these disputes, an executor already has their work cut out for them. There is a lot of paperwork involved in probate administration. Here are just a few of the documents an executor may handle and why.
According to MarketWatch, executors need to obtain at least five copies of this. They may also want to consider making additional electronic and physical copies of their own. Executors may need this document when dealing with insurance companies, debt collectors, utility companies and banks.
Not only will executors need to handle this document, but they may also need to file the deceased’s taxes. The more streams of income and assets the person owned, the more complicated this is. It can also lead to more documents, such as bank statements, balance sheets and real estate titles.
Will and Trust
Even before getting to the tax returns, an executor may need to find the will or trust. The person who informs them they are the executor may have a copy or know where to find it. According to Bankrate, the executor needs a copy of the will for probate court. It may be necessary to file this document as early as three days to as long as a month after a person dies. It is important to check local laws.
Because of the technicalities around executing a person’s will and the harsh consequences of mistakes, many people leave this up to professionals. This may also help to reduce in-fighting among family members and maintain peace.