Executors and Trustees – Navigating Estate Closure

When a loved one passes away, the process of navigating estate closure can be overwhelming for executors and trustees. The Sacramento County probate attorneys of Copenbarger and Copenbarger, LLP have created this brief overview to help you understand the responsibilities and duties involved, making the process less daunting and easier to manage.

• Understanding the Role of Executors and Trustees- Executors are responsible for managing the estate of a deceased person while trustees handle the ongoing management of a trust. Both roles involve distributing assets to beneficiaries but have different responsibilities and legal obligations.

• Familiarize yourself with the will or trust- To effectively carry out your duties, carefully review the will or trust to understand the deceased’s wishes and instructions. 

• Contact an attorney- After a loved one dies, there are legal requirements that must be accomplished. This is often a time consuming and confusing process, and utilizing a competent attorney can help expedite and ensure the process is done correctly.

• Initiate the probate process- If your loved one did not have a trust, you’ll need to start the probate process with the local courts. This legal procedure ensures the proper distribution of assets to beneficiaries. Your attorney can do this for you!

• Notify relevant parties- Inform beneficiaries, creditors, and other relevant parties of the death and your role as executor or trustee. This is crucial for transparency and ensuring all parties are aware of the estate closure process.

• Inventory and appraise assets– Create a comprehensive list of the deceased’s assets, including real estate, investments, bank accounts, personal property, and collectibles. Have valuable items appraised to determine their worth for proper distribution.

• Settle outstanding debts and taxes– Before distributing assets, pay off any outstanding debts, taxes, and expenses related to the estate. Consult with a tax professional if needed to ensure all obligations are met.

• Distribute assets to beneficiaries- Once debts and taxes are settled, distribute the remaining assets according to the will or trust. This may involve transferring property titles, distributing funds, or handing over personal possessions.

• Finalize the estate closure– After completing the distribution of assets, file the necessary paperwork with the probate court to close the estate. For trustees, this may involve the ongoing management of the trust and periodic distributions to beneficiaries.

It’s Not as Simple As It Sounds! 

Navigating estate closure as an executor or trustee is a complex and often emotional journey. By following these steps, you can confidently fulfill your duties and honor the wishes of the deceased. Many people benefit from the guidance and assistance of an attorney when going through the probate or trust administration process. If you would like this level of support, please feel free to contact our Sacramento County Probate Attorneys at (800) 244-8814. We offer probate and trust administration support in every California county to help ensure a smooth transition during a challenging time.

If you have any further questions about estate planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at one of our offices located throughout the state of California 800-244-8814 to set up a consultation.