Being asked to handle a loved one’s estate is an honor, and it can also feel like a lot, especially while you’re grieving. In North Dakota, the person who handles an estate is called the personal representative. Many people still say “executor.” The role is the same.
First, take a breath
Nothing has to happen the day after a death. Take care of the funeral and your family first. Then find the original will, if there is one, and keep it somewhere safe.
You don’t have to say yes
Being named in a will doesn’t force you to serve. If you can’t take it on, you can decline, and someone else can be appointed. If you do agree, the court gives you the legal authority to act for the estate. Banks and other institutions will usually ask to see that paperwork before they talk to you.
What the job usually involves
- Finding and listing what the person owned, such as bank accounts, real estate, vehicles and personal belongings
- Giving notice to creditors so they can bring claims within the time the law allows
- Paying valid debts, final bills and any taxes owed, including the person’s final income tax return
- Keeping estate money separate from your own and keeping records of everything
- Distributing what’s left to the people named in the will, or to the heirs North Dakota law names if there’s no will
Some property may skip the process
Accounts with a named beneficiary, such as life insurance and many retirement accounts, usually go straight to that person. Property owned jointly with a right of survivorship usually passes to the surviving owner. Those assets still matter, though, because they can affect how the rest of the estate is handled.
Keep good records
You may need to show the heirs, and sometimes the court, what came in and what went out. A simple spreadsheet and a folder of receipts go a long way.
Ask for help early
Mistakes can be costly. Paying debts in the wrong order or handing out property too soon can leave a personal representative personally responsible. A short conversation with a lawyer at the start can save a lot of trouble later.
We help personal representatives in North Dakota understand their duties and work through the estate step by step. Our estate planning services are provided in North Dakota only. Call us at 703-649-4848.
