Some people who have been named as executors of an estate in Ohio might wonder what will be involved in the process. The first step for an executor is to get copies of the death certificate. This will be necessary to notify various agencies, organizations and businesses such as the Social Security administration, life insurance companies, banks and more of the person's death. It is also necessary to locate the will or the trust although the executor or the attorney who prepared them might already know where they are.
An Ohio resident who has been named the executor under a person's will has an important job. The executor is responsible for inventorying the contents of the estate and then distributing the assets to beneficiaries as provided for in the will. Any financial or tax-related decisions that the executor makes must be made with all of the beneficiaries in mind.
Ohio residents may be asked by their friends or loved ones to serve as the executor under their wills, but they may not fully understand what they are being asked to do. Settling an estate may take as long as two years, and executors must be organized and have a good head for finance. It is not necessary to be a financial or legal expert as professionals can be hired to offer guidance, but executors are expected to make sound decisions and communicate effectively with the named beneficiaries in the will.
Ohio residents who have prepared their wills know that they have appointed an executor to handle the affairs of their estates after they die. While the executor ideally manages the estate in a timely manner, there are often times when an estate beneficiary may wish to make a change. If an executor is not performing his or her duties competently, there are several options available to beneficiaries. The first step may be to draft a formal letter of demand that makes a request of the executor to timely and economically administer the estate.
Probate in Ohio is the process by which a will is recognized and a personal representative or executor is appointed to pay debts, distribute assets and otherwise administer the decedent's estate. Many states have laws allowing for simplified probate procedures, which can make the process less expensive and more efficient, depending on the facts of the case.
Those who have lost a loved one must deal with emotional stress and make sure that the estate is handled properly. The estate executor is now responsible for inventorying assets, making sure taxes and debts are paid and that the assets left in the estate are distributed to their intended recipients. In most cases, the last will and testament of the deceased will dictate how assets are distributed.