Most people do not think twice about agreeing to serve as executor of a will. However, the task is daunting, and you may be sorry. There is a lot of paperwork involved, and Probate Courts are very rigid. Indeed, probate laws must be followed word for word. It is particularly hard because every jurisdiction has individual guidelines and rules. For instance, one court may mandate that the court’s clerk notarize all forms. Another court may let any notary handle the job. The job of the executor is to gather the deceased’s assets and give out bequests to all heirs.
During the process, the executor may have to deal with insurance companies or banks to gather the proceeds. It is a good idea to hire a Probate Lawyer in Beaver Dam WI. Visit the website of QBS Law S.C. and learn more. The lawyer is paid from the proceeds of the estate. The Uniform Probate Code (UPC) is some laws written by leading experts. The goal of the UPC is to make the process easier for the court and executor. However, not all states have adopted the code.
If one lives in a non-UPC state, the lawyer files a petition with the court asking that the client is appointed executor. Simultaneously, the death certificate and original will must be filed. The local legal newspaper files a Notice that the estate is headed to probate. The lawyer notifies all heirs on behalf of the executor. Some courts may require the executor to post a bond while distributing the estate. The purpose of the bond is to protect what is in the estate from being stolen.
When someone dies, the legal creation of their estate is comparable to starting a business. Therefore, the lawyer must ask the I.R.S. for an employer identification number for the estate. Banks will not open an estate account without it. It makes sense because the executor cannot mingle estate funds with their own. Further, one does not want the I.R.S. to tax them for the money in an estate. When the time comes, The Probate Lawyer in Beaver Dam WI helps the executor distribute the estate proceeds. With the help of an attorney, everything should go smoothly.
