Checklist for the executor of the will

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Death is the one and only inevitable thing in our lives. Unfortunately, many people do not take appropriate care about the formal procedures regarding their passing away. As a result, a grieving family is left not only by their close ones but also with complicated procedures.

To make it much easier, you should write a will and name the executor of, that said, will.

But, who is an executor in general?

Checking the definition on Investopedia, we read that an estate executor is a personal representative appointed to administer by a deceased person. The executor’s primary responsibility is to carry out the deceased person’s instructions to manage assets and their wishes. In the absence of a prior appointment, the executor is appointed either by the will’s testator or a court.

The executor is responsible for ensuring that all assets in the will are properly accounted for and transferred to the appropriate party. Financial holdings such as stocks, bonds, or money market investments are examples of assets, as are real estate, direct investments, and collectibles such as art. According to the Internal Revenue Code, the executor must estimate the estate’s value using either the date of death value or the alternative valuation date.

What is the difference between a beneficiary and an executor?

In short words, an executor is a person in charge of a deceased person’s estate, and a beneficiary is a person who will inherit that property. While the executor and beneficiary can be the same person, it is something to consider when writing your will. There are a few types of beneficiaries: primary beneficiary, contingent beneficiary and co-beneficiary. Usually, a beneficiary is a child, surviving spouse, or a close friend of the deceased.

In today’s article, we will lead you through the subsequent steps of carrying out your loved one’s last will –

A complex executor of will checklist!

We will cover:

  • The first steps after the funeral
  • The Inventory of assets
  • Debts and loans coverage
  • The procedure of closing the estate
  • Take care of your loved ones’ future – The Infinite Banking Concept.

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The first steps after the funeral

After notifying the family and Social Security Administration, there are a few basic things you need to do. Considering the information provided by many estate planning attorneys, we created an actual estate executor checklist:

  1. Obtain and read last wills and testaments and codicils.
  2. Choose and hire an attorney to work with the executor.
  3. Acquire a death certificate as well as marriage and birth certificates – make copies!
  4. Gather personal information and documents (including financial information).
  5. Gather the names, addresses, and phone numbers of the beneficiaries and heirs.
  6. The will should undergo a probate process – proceed with probate filing.
  7. Notify the public of the probate proceedings.
  8. Apply to the court that handles probate matters to have the last will admitted to probate court.
  9. Apply to the court for the appointment of the executor.

The Inventory of assets

The following step is to gather information about the assets, establish management, and ensure that the ‘loose ends’ are tied.

  1. Establish a checking account for the estate to pay continuing expenses: utility bills, homeowner’s insurance premiums, or mortgage payments
  2. Obtain a Federal Identification Number from the Internal Revenue Service. Notify the IRS of the executor’s authority to act on behalf of the decedent.
  3. Inventory intangible financial assets, real estate and locate all real estate deeds, mortgages, leases, and tax records.
  4. Inventory and secure personal items such as automobiles, boats, recreational vehicles, furniture, fine jewelry, art, and household contents.
  5. Stocks, bonds, bank accounts, IRAs, CDs, cash, mortgages, pensions, life insurance, and so on are examples of intangible financial assets.
  6. Submit and collect insurance claims
  7. Inform organizations that provide retirement benefits, annuities, and pensions.
  8. Set up an estate bank account to hold money owed to the deceased (such as real estate rental checks and stock dividends)
  9. Pass real estate to the surviving joint tenant of the joint property
  10. Protect the probate assets by taking physical custody or control of them.
  11. Obtain asset valuations and appraisals as needed.

Debts and loans coverage

This step includes paying off all of the debts and loans of the deceased.

  1. Pay the decedent’s current estate’s debts, such as utilities, medical bills, credit cards.
  2. Court costs, executor and attorney fees, and other estate expenses must be paid.
  3. Fill out the necessary tax forms, for example:
  4. Federal estate tax return
  5. Tax returns for state inheritance or estate tax return
  6. Final tax return of the decedent’s income
  7. Tax returns of estate fiduciary income
  8. Tax returns on business and/or employment taxes

The procedure of closing the estate

  1. Specific cash and property bequests should be distributed.
  2. Sell any property that needs to be liquidated.
  3. Create any trusts specified in the will.
  4. Transfer property left to the named recipients
  5. Transfer assets held in trust to the beneficiaries
  6. Transfer funds to the named beneficiaries
  7. Obtain tax clearances from the relevant government agencies.
  8. File a final report of all estate taxes and executor receipts, disbursements, and activities.
  9. Close the estate bank account and pay any bills left.

Now, if the debts have been paid off and the property distributed, the estate can be formally closed by the probate court.

Take care of your loved ones’ future – The Infinite Banking Concept.

As you may know already, the last will and testimony, naming executors and beneficiaries an efficient safety measure. It’s the most practical strategy to manage wealth distribution in the future. In addition, you should devote a significant amount of time to selecting who should be your beneficiary and executor – it is not something to be done without thinking.

Connect the future financial safety of your beneficiaries with the possibility of fulfilling all of your financial needs right now. Though it may seem impossible, we can ensure it is definitely within your reach. That is why you should get acquainted with the concept of Infinite Banking.

Infinite banking allows you to imitate how a traditional bank operates and borrows money, but without the need to depend on a third party. You will be both a creditor and a lender.

Instead of borrowing from a bank, you borrow money against yourself and singlehandedly dictate cash flow while still allowing your whole life insurance policy to earn dividends (money) even though you are using these funds elsewhere. In other words, you build wealth while borrowing and repaying the capital held in the cash value of your permanent life insurance policy.

That being one of the most significant advantages of the whole life insurance policy, you will never have to deal with banking fees or interest rates on loans. As a policyholder, you can borrow money using your own policy’s cash value. Using this borrowing setup, you would never have to borrow from a bank again and instead would borrow for yourself (your whole life insurance policy) and pay yourself back over time. Thus, being your own bank.

The goal of Infinite banking is to duplicate the process as much as possible to build the value of your own bank. The duplication process happens by lending and repayment of money typically held in the cash value of a permanent life insurance policy.

Infinite banking allows you to better work towards your individual and unique financial goals for yourself and your family and have control over your finances without dealing with banking fees or interest rates on loans.

Implementing this banking strategy into your life gives you much better control over your finances and helps you build wealth using the life insurance policy.