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Organizational tips for first-time estate executors

On Behalf of | Aug 11, 2023 | Estate Administration And Probate |

You probably feel honored to have been chosen to administer another party’s estate once they pass away. Most people take a serious approach to this role, hoping to make things as easy as possible for the deceased’s surviving family members.

Estate administration is not hard, but it is involved and complicated. Most first-time executors feel overwhelmed by the administrative process, but good organizing strategies can help.

What tasks are involved?

When stepping into your role as an executor, you should learn what estate administration is all about. Essentially, you must locate assets and beneficiaries, file mountains of paperwork and distribute property according to estate documents (will, trusts, etc.), to name a few. When getting started, take some time to learn how estate administration works under Virginia law.

Organizing tactics to consider

Once you understand your role better, it is time to learn how to be as organized as possible. Like most, you may discover that proper organization can help your tasks flow more smoothly.

Create a filing system. A separate file for each document in the deceased’s plan can help you locate what you need when you need it. For example, you can avoid wasting time looking for specific documents when you need them quickly.

Track financial matters. You must stay on top of the financial side of estate administration to fulfill your role properly. Creating a spreadsheet may help you efficiently keep track of assets, debts and your expenses.

Consider delegating tasks. With many assets and debts to manage, you may benefit from partnering with a legal representative. Doing so can free some time so that you can focus on other aspects of the administration process.

Now that you know why organizational skills are critical, consider creating additional strategies or ask your representative for more tips.