Executor's Legacy: How to Preserve and Distribute Assets According to Wishes

Preserving and distributing assets according to the wishes of the deceased is a central responsibility of an executor. By understanding the process and taking appropriate steps, you can ensure that the deceased's legacy is honored and assets are distributed as intended. Here's a guide to help you preserve and distribute assets according to wishes:

Reviewing the Will

Thoroughly review the deceased person's will to understand their wishes regarding asset distribution. Pay attention to specific bequests, instructions for distributing remaining assets, and any conditions or limitations outlined in the will.

Identifying Assets

Compile a comprehensive list of the deceased person's assets, including real estate, bank accounts, investments, personal property, and any digital assets. Take inventory of all assets to ensure nothing is overlooked.

Valuing Assets

Obtain valuations for estate assets, particularly items with fluctuating values such as stocks, real estate, and collectibles. Accurate valuation ensures fair distribution of assets to beneficiaries and compliance with tax requirements.

Distributing Specific Bequests

First, distribute specific bequests as outlined in the will. These may include specific items or sums of money designated for particular beneficiaries. Ensure that each beneficiary receives their designated bequest.

Resolving Debts and Expenses

Prioritize settling outstanding debts, taxes, and administrative expenses before distributing remaining assets to beneficiaries. Pay creditors promptly and ensure compliance with legal requirements to avoid complications.

Final Distribution of Remaining Assets

Once all debts and expenses are settled, distribute the remaining assets to beneficiaries according to the terms of the will. Follow the instructions outlined in the will carefully to ensure accurate and fair distribution.

Legal Assistance

Seek legal guidance from an experienced estate planning attorney to navigate the asset distribution process effectively. An attorney can provide advice on interpreting the will, complying with legal requirements, and addressing any challenges that may arise.

Communication with Beneficiaries

Keep beneficiaries informed throughout the asset distribution process. Communicate openly and transparently, addressing any questions or concerns they may have and providing updates on the progress of distribution.

By following these steps and seeking appropriate legal guidance, you can preserve the deceased's legacy and ensure that assets are distributed according to their wishes.