If you are ever asked to be the executor of someone's will, you likely aren't sure what to say. Will you be able to handle this situation when the time comes? Why were you chosen? This is a big responsibility that should never be taken lightly. That's why we will discuss what it is you can expect if you are chosen as an executor of a will in California.
Should you opt to say yes, the very first thing you will need to do when the creator of the will dies is obtain the most recent copy of the will. You should read through it a couple of times so you understand the instructions present. Once you understand the instructions, you must file a petition with the court so it can be admitted to probate.
Now you can collect all the assets belonging to the decedent, including those held in a safe deposit box. This part of the process includes going to banks to find all accounts held in the name of the decedent.
If any claims are made against the decedent's estate, you need to investigate them and determine if they are valid. If the claims are valid, you will need to make payments from the estate.
You will be responsible for filing state and federal income tax returns for the estate and the decedent. You will also need to file death taxes and estate taxes.
When you are asked to be the executor of someone's will you need to think long and hard about your answer. You will want to make sure you can handle such a responsibility when the time comes so no mistakes are made.