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The role of the executor

On Behalf of | Jul 21, 2020 | Estate Planning |

The first step for an estate executor in New Hampshire is to get a copy of the testator’s will. They should review this document as soon as they’re appointed. Of course, it’s also important to know the physical location of all the estate planning documents. When the individual dies, the executor can hire an attorney or other professionals if necessary. Through the process, the executor should track all activities and expenditures in case there are questions or the beneficiaries wish to review them.

The executor should order up to a dozen death certificates, which may be needed when dealing with banks, government agencies, creditors and other entities. These entities must also be notified along with beneficiaries. The executor has to submit the will to court so it can go to probate. It is also necessary to open a bank account and apply for a tax ID number in the estate’s name.

The executor is responsible for preparing a list of assets and their value and submitting it to the court. Furthermore, it’s important to keep those assets safe until their distribution to beneficiaries. Before this can happen, the executor must file taxes and make any outstanding payments. After the beneficiaries receive their assets, the executor makes a final accounting to the court and can close the estate.

When creating an estate plan, it’s wise to consult an attorney. The lawyer can make sure there are no errors in the legal wording and that the estate planning documents are prepared in accordance with the client’s wishes. Once the estate plan is prepared, the client should periodically review it since there could be changes in family and assets. An attorney can keep the client apprised of changes in the law that affect the plan.


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