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Step 2: Collect and Safeguard Assets
Once your will is accepted for probate and the executor has been duly appointed by the court, he or she may be forced to literally go on a treasure hunt to locate bank accounts, stock certificates, safe-deposit boxes, insurance policies, business records, and other types of property.
The executor prepares a detailed record of all property to file with the court, collects all debts, investigates all claims owed by your estate, manages property in your estate, and eventually makes distributions to your selected beneficiaries. You will simplify your executor’s job if you leave sufficiently detailed instructions about the location of all of your assets, personal records, tax returns, bank statements, and other documents. Note: This information will also be necessary for your executor to determine the taxes due on your estate. |
