When someone in Tennessee passes away, a person called an executor takes care of their estate during the probate process. What should you know about the duties of an executor?
Filing the will
The first job for an executor is to find the last will and testament of the deceased and file it with the right probate court in Tennessee. This begins the probate process.
Notifying beneficiaries and creditors
The executor needs to tell all the beneficiaries listed in the will and any other possible heirs. They also need to inform creditors about the probate process so they can claim any money they are owed.
Creating an inventory of the assets in the estate
One significant task is to list all the deceased’s assets. This includes things like houses, cars, stocks, bonds, personal items and digital assets. In Tennessee, an executor must generally file this inventory within 60 days.
Managing the estate
During the probate process, the executor must take care of the estate’s assets. This could involve securing properties, managing investments or even running a business or rental properties.
Paying any debts owed by the estate
Before giving anything to the beneficiaries, the executor must pay off any debts that the deceased person had at their death. They must also file the final income tax returns and paying any estate taxes due.
Distributing the assets
After paying the estate’s debts and taxes, the executor can give the remaining assets to the beneficiaries as stated in the will. If there is no will, the state laws of Tennessee decide how to divide the assets.
Closing the estate
After finishing all these tasks, the executor must file a final account with the probate court. Once the court approves, they can close the estate. This last step includes submitting a detailed report of all financial actions and distributions made.
Being an executor in Tennessee involves many important tasks from handling paperwork to managing finances. By preparing well and seeking legal guidance as needed, an executor can honor the wishes of the person who passed away.