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Choosing Your South Carolina Executor
The document outlines the responsibilities of an executor in estate planning, including identifying, locating, and securing estate assets, as well as managing and valuing these assets during the probate process. The executor must notify creditors, review claims, pay taxes owed, and ensure the proper transfer of remaining estate assets to beneficiaries. It serves as a comprehensive guide to the key duties involved in executing an estate plan.
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Choosing Your South Carolina Executor
- 7. Foundation of anestate plan Used to make specific or general gifts Only opportunity to appoint a guardian for minor children
- 8. Can be yourentire estate plan but usually only serves as the starting point Must choose an Executor in your Will
- 20. Identifying, locating, andsecuring estate assets. The Executor must identify, locate and secure all assets in which the decedent had an ownership interest at the time of death
- 21. Opening probate. TheExecutor must prepare and file the legal documents necessary to open the probate of the estate
- 23. Valuing estate assets.The Executor must obtain a date of death value for all estate assets, often through the use of professional appraisers. Managing estate assets. The Executor must manage all estate assets throughout the probate process.
- 24. Selling estate assets.When it is necessary to sell estate assets, to satisfy creditor claims or to provide for the even distribution of assets, the Executor must oversee the sale
- 26. All known andunknown creditors of the estate must be notified personally or by publishing notice of the probate Notifying creditors of the estate
- 27. The Executor mustreview claims and approve or deny the claim. Approved claims are then paid out of estate assets Reviewing creditor claims
- 32. The Executor mustprepare, file, and pay (if due) all state and federal taxes owed by the estate before probate can conclude Preparing and paying taxes
- 33. Finally, the Executoris responsible for effectuating the transfer of all remaining estate assets to the intended beneficiaries Transferring assets to beneficiaries
- 35. Kuhn & KuhnLaw Firm