What to consider before becoming an estate executor in Tennessee

Losing a loved one is a traumatic experience. You and your family will need to take some time to work through the emotions that come with this type of loss. If you’ve been named your loved one’s estate executor, you may currently be facing a lot of questions and uncertainty on top of your grief.

An estate executor is someone who will be responsible for handling many legal and financial tasks pertaining to the estate, while ensuring that the deceased's plans are being carried out in accordance with their will. They also have administrative duties to take care of concerning the estate.

For a person who's never been an estate executor, the process can seem daunting. Understanding a bit about what you're going to have to do may help you decide whether you’re ready to take on this responsibility. Here, we've outlined some of the duties an executor will need to perform.

What are the primary responsibilities of an estate executor?

The primary responsibility of the estate executor in Tennessee is to settle the estate and distribute the inheritance according to the will. If there is no will, then the executor must act in accordance with Tennessee laws. If you're in this position, you must put the interests of the estate first. You have a duty to avoid doing anything for self-gain. There are several duties that you will be expected to take on when you're given the fiduciary responsibility to handle the financial assets of the estate.

Submitting the will

The first thing that you need to do as an estate executor is to file the will with the probate court. This begins the probate process. You'll also need to get an official copy of the death certificate to file with the probate court. If your petition for probate is approved, you’ll receive letters of testamentary asserting that you’re the deceased’s executor. This will come in handy when dealing with banks and insurance companies.

Notifying the relative parties about the death

Notifying relative parties about the person's death is another step. This includes notifying people who are named in the will. Sometimes this can take a while, as people may move away and no longer keep in touch. You will also need to notify potential creditors of the person's death if they have outstanding debts. This is usually done by placing a notice in local papers, thereby giving creditors a certain amount of time to claim repayment.

Gathering the estate's assets

Finding and gathering the assets of the estate can often be a difficult task, especially if the deceased wasn't very well organized. Under the best circumstances, the person will have everything neatly organized, but this might not be the case, as many people who have found themselves in this role can attest. You might have to track down paperwork, such as titles or deeds. Once all assets have been localized, you’ll have to have them appraised so the value of the estate can be determined.

Settling debts and taxes

As executor, you’ll be responsible for making sure the estate has paid off any debts it owed. You’ll also be responsible for filing any of the deceased’s outstanding tax returns, as well as a final return. You also need to pay attention to what's going on with the estate, because you may need to file an estate tax return if the assets in the estate generate an income during probate. You'll also have to pay any expenses that occur while the estate is in probate. Additionally, you need to minimize those expenses by cancelling subscriptions and turning off utilities as necessary.

Distributing the estate

Once the estate has taken care of its debts and taxes, you'll have to distribute the estate to its beneficiaries. This must be done in accordance with the deceased's will. Once this is done and probate is closed, your duties as estate executor will have been completed.

What to keep in mind before agreeing to be an estate executor

Many estates that go through probate are resolved relatively easily. There are some cases that might become complex. These include instances in which there's a challenge to the will or if the taxes become complicated because assets are located across multiple states or even countries.

Anyone who's named as estate executor has the right to refuse the position. This might be the best option if you're still coping with the individual's death and don't feel as though you can successfully complete the duties that are required of the executor.

Ultimately, the executor has to ensure that the deceased's estate is handled in a manner that honors the deceased’s wishes. The estate executor must do everything in their power and within reason to facilitate the transfer of assets as quickly and efficiently as possible. If you feel that you’re not able to do this, there is no shame in rejecting the role and passing the responsibility off to someone else.

If you do want to act as your loved one’s estate executor but feel overwhelmed and realize that you need help, you should contact ClearEstate. Our estate professionals can help to demystify the probate process and take some stress away from you. Curious? Schedule a free consultation with us and find out how we can help.