The estate administration process is one that is mystifying to some people. If you know that you will have to handle this duty, you need to make sure that you understand it completely before you have to do the job. Make sure that you are up for each job because once you take on the position, you are expected to do what’s required.
Because many executors are close to the decedent, they don’t request a payment for their duties. They are entitled to one if they request to be compensated. The compensation is set forth by state law.
One thing that you should remember is that you do have the right to decline the duty if you don’t feel you can meet the requirements or if you simply don’t feel up to the task. Even if you do agree to be the executor of the state, you can choose to resign at any point during the process. You don’t have to give a reason; however, there is a chance that the beneficiaries will want to know why you resigned.
Some of the things that you are responsible for include paying the estate’s taxes and bills. You also have to go to court for the estate and maintain the property in the estate. You also need to find the heirs and distribute the assets for it.
Everything regarding the estate must be done in a specific manner so that you can ensure that it all goes to the correct person. You have to have a basic knowledge of the process that you must follow. Working with someone familiar with this is beneficial.