Posted: 01 Nov 2007 06:42 Post Subject:
Ms Bonnay just because you are the exector for a relative does not really mean you have to carry a particular type of insurance for yourself. That means that you are responsible for their estate and getting done what needs to be done at the time of their death.
For example you will need to make sure their estate gets settled, and you will also need to make sure that proper documentation, wills etc get to the proper people. You will also need to pay the final taxes on the estate...hopefully you have a power of attorney also this makes things a little easier in that department.
I hope this helps...did someone recently pass away? Or did they just let you know that you are going to be responsible if something happens to them?
Posted: 02 Nov 2007 09:44 Post Subject:
Good morning Ms Bonnay, the job of an executor is surely demanding but you don't need to purchase any specific coverage for this job.
Being an estate executor is a big responsibility. You need to make sure that all the assets are properly evaluated before its handed over to the legal heirs. For that you have to register the will at court. Additionally you have to clear the property taxes due on it.
Hope you have understood that you have a tuff job ahead. All the best.
Posted: 02 Nov 2007 10:28 Post Subject:
A property executor needs to locate the legal heirs of a property and settle it as per directed in the will. He/she needs to settle the estate with the probate court and as some other poster has mentioned, settle the property taxes and other legal liabilities. You also need to handle the insurance benefits payable at the time of the holder's death.