It is interesting that many people plan for events such as saving for a car, education, family needs, or other life events. Nevertheless, many individuals never give thought to planning for the future, especially for the critical time after they die.
A will is a legal tool that allows an individual to make decisions and maintain control as to how their personal assets and other property should be distributed upon their death. Many other decisions can be predetermined in a will, such as future health care if they become incapacitated, care and custody of minor children, and how to distribute personal assets per your wishes.
If you have been appointed an executor of a will, there can often be a great deal of confusion about how to proceed. Due to so many varying circumstances, the legalities surrounding wills are often difficult to understand. At Parks Zeigler, PLLC, a Virginia Beach Wills Lawyer can help you prepare a will or assist you in collecting all the legal documents that are necessary if you are the executor of a will. An estate planning attorney can help you plan for the future.
What Should I Do As the Executor of a Will?
When the individual who passes away leaves behind a will, there are certain procedures that need to be followed. First, after a person passes away, the decedent’s representative, also known as an executor, takes the original will to the Clerk’s Office of the Circuit Court in the county in which the will was filed. It is recommended that you have an appointment at the Clerk’s office. The executor of the will should know the nature and overall value of the decedent’s property and assets. It will also be necessary to produce a death certificate. The executor of the will must also take an oath that they will faithfully perform the duties and responsibilities associated with executing the will. In some cases, a bond must be posted. However, the will may stipulate that this requirement should be waived. An attorney in Virginia Beach can help you begin the will executor process.
What are the Duties Associated With Being the Executor of A Will?
Some of the duties that are included in being an executor of a will include the following:
Giving Written Notice
The heirs and beneficiaries of the estate must be given notice of qualification stating that an individual has been named as the executor of an estate and that they have the legal authority to act on behalf of the estate.
Take Possession of the Descendant’s Property
The executor will take possession of the property and assets that were left by the descendent and make certain that all assets are accounted for.
Determine Estate Value and Liabilities
It is necessary to discover the value and liabilities in relation to the estate over the areas in which the executor cannot exert any control.
Payment of Debts, Sale, or Distribution of Property
The executor oversees the payment of any debts or other liabilities owed by the estate. They are also responsible for the sale or distribution of property as predetermined in the will and according to the laws of the Commonwealth of Virginia.
File a Complete Inventory
When filing a complete inventory the executor provides a summary of the estate’s entire assets that were owned by the decedent at the time of their death. The executor will also provide a fair market value for each item that is listed.
Final Accounting of Estate Assets and Distribution
This final accounting is filed with the court and is a financial summary of the changes that have occurred since the initial inventory took place. This inventory will account for the total of all funds received by the estate as well as the total disbursements. This will also include all of the decedent’s property and assets that have been distributed to heirs and other beneficiaries.
Why Should I Hire a Lawyer to Help With a Will?
If you are interested in creating a living will, or have even considered do-it-yourself wills, you need to speak with a will attorney in Virginia Beach who can give you sound legal counsel as to how to proceed and what would be in your personal best interest. The main goal of creating a will is to guarantee that your instructions will be carried out and that there will be no confusion about your final wishes regarding your estate.
Contact a Virginia Beach Wills Lawyer to Take the Next Step
Being the executor of a will can also be an enormous responsibility. Often, there are many legal issues that arise when trying to settle a decedent’s estate. You need to obtain legal advice from an experienced Virginia Beach wills lawyer who understands the complexities of estate law. We can provide all services necessary to assist you in filing all of the legal paperwork along with any other matters in regard to the estate that may arise. Contact the office of Parks Zeigler, PLLC, so that we may assist you with your legal needs.
