One of the most difficult tasks for a grieving family is the process of settling the estate of a loved one. After the death of a family member, those left behind must pay off remaining debts, distribute property and meet other requirements in order to close the estate and move forward. The person who will oversee this process is the executor of the estate. This is an important role, and it is beneficial for one to know what to expect when navigating this process.
Expectations and requirements
The executor of the estate has an important responsibility to oversee certain matters in order to close the estate. This is a person named in the will of the decedent, but if there was no executor named, a court will appoint someone to act in this capacity. The role of the executor will include the following:
- Gathering all important documentation related to the estate
- Closing out retirement accounts, insurance accounts and Social Security accounts
- Paying off remaining debts and taxes associated with the estate
- Maintaining estate property until it is time to distribute assets
The role of the executor can be overwhelming, and any person appointed to this role will benefit from knowing what to expect and how to avoid issues with this process.
Experienced guidance throughout the process
The executor of a Tennessee estate will benefit from having experienced guidance at every step. It may be helpful to seek the assistance of a knowledgeable estate law attorney while navigating the probate process. This may help reduce the chance of setbacks and challenges when settling an estate.