Things to Know When Dealing with the Estate of a Deceased Loved One

It's sad that during one's hour of grief there are many business-related decisions that must be made. And oftentimes, decisions are made before the funeral. The family must find someone to handle the final assets and debts that must be accounted for, taken care of, and divided among the survivors. Yet with great responsibility comes a huge array of problems, especially if the family decides to elect an executive or administrator of the estate. While some people opt to have an attorney stand in and sort out the estate, most chose a trusted relative in order to avoid the costs and keep things simple. Although taking steps such as estate planning, a will, and final wishes will go along way to make the administrator's job easier, there are things that an administrator should prepare to handle.

First, be prepared for your family to act out of character. It's sad but tragedy and the opportunity to profit from it go hand and hand. You have to understand that it's human nature and try not to hold it against them. However, you can not let family cloud your judgment and prevent you from performing your sworn duties. But, not all actions are unfounded. Some family members will act out due to grief and the inability to deal with their feelings. Regardless, you must juggle being there for relatives without giving into relatives.

Second, make sure that you are aware of all of the survivors. The worse possible thing is to have almost everything wrapped up and then find out that there is an estranged spouse or child that has come to claim their share. Your family must be honest with you.

Third, get ready to travel. Being the executor of an estate will require a lot of traveling. There are several trips to meet with the clerk of court. You will also make numerous visits to the creditors, the property, and survivors. Today's gas prices can dampen these efforts, but the trips must be made regardless. On a side note, the executor of the estate should not be an elderly person who has issues with mobility.

Fourth, make sure you know everything there is to know. The worst thing about being in this position is that there is always something you don't know. It could be something as simple as a secret bank account or insurance policy to situation more complex, such unknown property from a previous relationship. These types of surprises can wreak havoc on everything because they make information that you have turn in to the clerk's office inaccurate.

And, finally remember that organization equals sanity. You have no idea the amount of paperwork that you will have to sign, send, read, copy, and keep. It will be as if the papers are secretly mating and multiplying while you are asleep. You will need to organize the bills, policies, assets, etc. So, make sure to have plenty of binders, and you are able to store confidential information.

There is no question that being chosen says a lot about the amount of trust that your family has in you. However it is also a lot of work and a huge responsibility. But, you must know and understand that you have a fiduciary duty to the survivors and you have taken a sworn oath. If you make those two things your priority and put the drama on the backburner you will get through it.