The death of someone near and dear can be a stressful and confusing time. Your life is disrupted emotionally and logistically by the loss and your grief.
Who will take care of everything? Who has what responsibilities? Let’s look at the different roles involved after someone’s death:
Executor—The Executor or Executrix, also known as the Personal Representative, has the duty of safeguarding and collecting and managing assets which the decedent owned at death, in accordance with the Will. He or she will make distributions as directed in the Will. The Executor also has responsibility for filing the estate tax return, if necessary.
Trustee—The Trustee is the person in charge of managing and distributing any assets held under a Trust. The decedent may have had one or more trusts that he or she established during lifetime. The Trustee must follow the Trust document, which provides the terms by which the assets are to be held and distributed. Often, the Trustee must work with the Executor for a coordination of efforts regarding assets.
Agent under Property Power of Attorney—The person who was acting under the Property Power of Attorney, called the Agent, no longer has authority once the Principal has died.
Agent under Health Care Power of Attorney—The Agent may have authority to allow for organ donation or cremation.
Guardian—A guardian is a person nominated in the Will to care for the decedent’s minor children. While it is up to the court to decide who will get custody of the children, the decedent’s choice of guardian will be given due weight.
The first step, of course, is for the family to make any funeral arrangements. Immediately after death, the Executor or Trustee will need to make sure any assets are safe. For example, if the decedent lived alone, it would be wise to change the locks on the door to prevent someone with an errant key from gaining access.
Next, they should consult with an estate planning attorney. The attorney will help guide you through the next steps to be taken, which will include gathering the assets and following the terms of the documents. An appointment should be made within two weeks after the death occurs. In the interim, it is important that you do not re-title any assets of the decedent and that you make no distributions to any beneficiary, including yourself. The attorney will help you avoid potential pitfalls and achieve the best result possible.
Compliments of the McGee Law Firm, Attorney Brandon McGee
Written By: The American Academy of Estate Planning Attorneys
- Decisions Beyond Possessions: Key Figures in Estate Planning - September 28, 2023
- Pet Trusts: Ensuring Your Pets Are Taken Care Of - September 27, 2023
- The Power of Health Care Directives - September 26, 2023
