When a loved one dies and you’re the executor of their estate, you have a lot of different responsibilities ahead of you – not the least of which is making sure that you take control of the assets they’ve left behind.
As the executor, it’s expected that you will secure all the deceased’s assets until the estate can be settled.
What does this mean?
It’s essential to act quickly and keep the best interest of the estate and its beneficiaries in mind. In essence, this means doing things like:
- Securing the home: Unless you’re 100% sure you have the only keys to the house, it’s wisest to change the locks to prevent unauthorized access to the home. Otherwise, some relatives may decide to help themselves to items they feel they were promised or are rightfully due before the estate is settled.
- Freezing accounts: You need to let the deceased’s bank know that they’ve passed so that the accounts are locked. Also, contact their credit card companies and freeze their accounts so that anybody who is carrying a card as an “authorized user” can’t run up additional charges.
- Preserve physical property: You need to preserve their physical assets until they can be liquidated or passed to their inheritors. This may mean things like cleaning out the fridge, hiring a lawn service and making sure that the utilities are properly managed (or shut off in a way that won’t harm the property). If they have a vehicle, it may be necessary to secure it in a garage or under a tarp.
These are just some examples of the steps that you may need to take – which is why it is often easier to obtain legal direction. You don’t want to miss a step and put yourself into a situation where the estate’s beneficiaries have a legal claim against you for failing your duties.