A will is a written document that outlines exactly how you want your property distributed upon your death. To carry out your wishes, you will need to choose an executor, also referred to as a personal representative. This is a person or authorized professional who you trust and name to bring your will through the probate court, to settle your estate, and to distribute your property per your will.
The role of executor is a big job, and not everyone is suited for it. An executor should be someone smart, responsible, organized, and not afraid to ask for assistance if they need it. People with significant wealth or complex assets may choose to name a bank or other authorized professional as executor.
The Many Responsibilities of an Executor
- File the will with the clerk of the probate court
- Notify heirs of the proceedings
- Identify creditors and notify them of the decedent’s passing and probate proceedings.
- Identify all of the decedent’s property.
- Take possession of the decedent’s property, maintain the property, and collect debts owed to the decedent
- If authorized, to continue the operation of the decedent’s business
- To make certain investments with court approval
- Protect property from conversion, destruction, and waste
- Maintain a lawsuit on behalf of the estate or defend the estate from a lawsuit.
- Obtain court approval to sell or transfer assets
- Sell or transfer assets to settle debts, and negotiate the discharge of debt
- Provide a full accounting of the estate to the court if requested
- Provide reporting to the probate court if the estate has not been closed within a requisite amount of time, and to close the estate within 18 months
- Prepare a federal estate tax return and settle any tax obligation
- Distribute the remaining property to heirs following the will after settling all debts, fees, and taxes
Viloria, Oliphant, Oster & Aman L.L.P., Wills, Trusts, and Probate
If you have been named executor of a will in Nevada, you should speak with an attorney at Viloria, Oliphant, Oster & Aman, L.L.P. Our estate-planning attorneys understand that you bear tremendous responsibility and can help you start navigating the probate process. Our attorneys are knowledgeable, respected, and experienced. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 227-2280 to schedule a consultation or contact our office through our website.