When Named Executor of an Estate, Early Organization Is Key | Law Firm Newswire

When Named Executor of an Estate, Early Organization Is Key

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) October 29, 2014 – When a person is named as executor of an estate, he or she becomes legally responsible for protecting the assets of the decedent until the estate administration is complete. This can be a complicated, lengthy process, and organization is the key to keeping the process manageable.

“Estate administration can be complex, especially if the estate planning is incomplete or there are disputes about the estate,” said Andrew Hook, a Virginia estate planning attorney with Hook Law Center. “Staying organized can help.”

From the outset, the executor should understand his or her legal responsibilities. Once an executor accepts the position, he or she must act in good faith to protect the assets of the estate until probate is completed. This includes refusing to sell off assets or allow others to tamper with them.
Obtaining a death certificate is an important initial step. A person's death certificate can be obtained from the funeral home. Executors should ask for several death certificates, because copies will be needed when notifying financial accounts, life insurance and other organizations.

Next, an executor needs to track down the will or trust documents. The will must be filed with the probate court soon after the death. Trust assets can be disbursed immediately without court approval, pursuant to the terms of the trust.

Once the estate planning documents are in hand, it is a good idea to consult with an attorney who specializes in estate administration. The attorney can help the executor understand the legal issues associated with the estate and ensure that no important steps are overlooked, which can speed up the process.
With the assistance of an attorney, the executor is now ready to start the work of administering the estate. This includes tracking down all assets, using the assets to pay outstanding debts and taxes and administering the remaining assets to heirs.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • ATTORNEY LETHA SGRITTA MCDOWELL ELECTED FELLOW OF THE ACTEC
    <p>It is with great honor to announce that Hook Law Center Attorney and Shareholder, Letha Sgritta McDowell, has been elected as a Fellow of the American College of Trust and Estate Counsel (ACTEC) being recognized for her outstanding skill and contributions to the profession. She joins more than 2,500 lawyers and law professors from across [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/01/attorney-letha-sgritta-mcdowell-elected-fellow-of-the-actec/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/01/attorney-letha-sgritta-mcdowell-elected-fellow-of-the-actec/" target="_blank">ATTORNEY LETHA SGRITTA MCDOWELL ELECTED FELLOW OF THE ACTEC</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Year-End Planning For 2020
    <p>As of the November 23rd letter from the Administrator of the U.S. General Services Administration to President-Elect Joe Biden allowing the start of the presidential transition, the 2020 Presidential election is (mostly) decided in favor of President-Elect Biden.  This article will address what this transition may mean for your tax, financial and estate planning and [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/24/year-end-planning-for-2020/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/24/year-end-planning-for-2020/" target="_blank">Year-End Planning For 2020</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • A Letter to Our Clients: 2020 Year-End Planning
    <p>Dear Client: I am writing to you as we reach the end of this extraordinary and difficult year. Although the year is nearing an end, the events we have experienced undoubtedly will have an effect well into the future.  Naturally, the most significant impact is the human toll of the pandemic, and the lingering effects [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/23/a-letter-to-our-clients-2020-year-end-planning/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/23/a-letter-to-our-clients-2020-year-end-planning/" target="_blank">A Letter to Our Clients: 2020 Year-End Planning</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Dying of Loneliness: The Paradox of Covid-19
    <p>Even before the pandemic, social isolation and loneliness were considered serious health risks for older Americans because they are more likely to face factors such as living alone, the loss of family and friends, chronic illness, and hearing loss. This social isolation can make seniors more vulnerable to things such as financial abuse, loneliness, and [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/20/dying-of-loneliness-the-paradox-of-covid-19/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/20/dying-of-loneliness-the-paradox-of-covid-19/" target="_blank">Dying of Loneliness: The Paradox of Covid-19</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Working Mothers and Memory
    <p>It seems that as if no time in history have we been more focused on health than in 2020. Daily, we are receiving discouraging news about COVID, the symptoms of COVID, the risks for COVID and other factors that may increase mortality. This comes while many Americans are still battling cancer, heart disease, and cognitive [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/13/working-women-and-memory/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/13/working-women-and-memory/" target="_blank">Working Mothers and Memory</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required