Losing a loved one is never easy, and if you’ve been named as the executor of their estate, you’re now tasked with handling their final affairs. This responsibility can be daunting, especially if you’re unfamiliar with the probate process. There are several key steps that must be taken as an executor in order to ensure the estate is handled properly.
- Check If Probate Is Necessary
First, you need to determine if the estate has to go through probate. If your loved one’s assets were jointly owned or placed in a trust, probate might not be needed. For instance, joint bank accounts usually transfer directly to the surviving owner. However, if the deceased owned property solely in their name or without a clear beneficiary, those assets will likely need to go through probate. - Open the Probate Estate Quickly
Even if you’re named as the executor in the will, you don’t have the legal authority to act until the probate court officially appoints you. You’ll need to file a Petition to open the probate estate and submit the will to the probate court in the county where the deceased lived or owned property. It’s best to do this as soon as possible. If you delay more than six weeks, a creditor might step in to open the estate and take control. - Notify Interested Parties
Once the probate process begins, you must notify all interested parties. These include individuals who would inherit under state law if there was no will, those named in the will, and any known creditors. Proper notification ensures everyone who has a stake in the estate is informed and can participate in the process. - Gather and Secure Estate Assets
Your next step is to identify and secure all assets belonging to the estate. This might include real estate, bank accounts, investments, vehicles, and personal items like jewelry and collectibles. Some assets may need to be appraised for their value. Keeping a detailed inventory is crucial, as it helps manage and eventually distribute the estate correctly. - Pay Outstanding Debts
Before you can distribute any assets, you need to settle the deceased’s debts. This typically includes paying off any remaining bills, credit card balances, medical expenses, and taxes. Michigan law prioritizes certain debts over others, so it’s essential to follow this order. If you pay lower-priority debts first and run out of funds, you could be personally liable for the higher-priority debts. - Distribute the Remaining Assets
After settling all debts, you can distribute what’s left to the heirs or beneficiaries. Follow the directions in the will or, if there’s no will, Michigan’s laws of intestacy. Make sure to document all distributions properly to avoid disputes and ensure transparency. - Close the Estate
Once everything has been distributed and all debts are paid, you can formally close the estate. This may involve filing a final accounting with the probate court and submitting a sworn statement to officially close the estate. The process might vary depending on the level of court supervision required.