The duties of an executor in South Carolina must be entrusted to someone responsible and thorough. This person has a list of tasks to do in order, and they cannot afford to skip any task. Otherwise, a simple court case could become delayed longer until the problem is resolved.
Contact the beneficiaries
Every will has a list of beneficiaries of individuals who will receive the deceased person’s property. Upon the death of the estate’s owner, the first action that an executor takes is to contact every beneficiary immediately. Notifying the beneficiaries is necessary to allow each person to contest the will as it goes through probate, if necessary.
Notify the creditors
Many executors focus solely on the beneficiaries’ needs, but some decedents have personal or business debts that exceed thousands of dollars. The executor has to contact every creditor and pay off the decedent’s debts using their assets.
Identify the assets
The executor is tasked with collecting the assets that were left behind, such as paintings, furniture, jewelry, etc. This starts with identifying every item that the person owned and determining its ownership. Then, every item is appraised to determine its value and whether it must be sold, disposed of or donated. Some assets are supposed to be set aside and given to specific beneficiaries after the owner’s death.
Store and maintain the assets
After identifying each asset that the person owned, the executor has to provide proper storage and protection. For instance, an executor may be charged with properly storing a decedent’s paintings that are sensitive to sunlight. It’s important to preserve the items in their original conditions and prevent theft or vandalism.
Know what to do next
Not everyone is appointed the monumental task of being an estate executor. This person is given significant duties and responsibilities to fulfill, so they must take each one seriously.