If you are an executor of a will, one of your responsibilities is communicating with beneficiaries. You have a fiduciary duty to keep them adequately informed. Failure to do so might create legal grounds for your removal.
So, what should you communicate to beneficiaries?
That they are beneficiaries
Notify all beneficiaries that they have been named in the will. This allows them to obtain more information about their rights, request a copy of the will if needed and so forth, to protect their interests.
Probate proceedings
Inform beneficiaries when the will is submitted to probate. Consider sending them the initial, formal notification after filing a petition with the local probate court.
Estate inventory
You are responsible for creating an inventory of the estate. List all assets of the deceased and their values. You should work with an appraiser to get the accurate value of each asset. Beneficiaries have a right to know which assets are in the estate and how much debt the estate has. Thus, provide a copy of the estate inventory to them
Probate proceedings
You need to keep beneficiaries informed about probate proceedings. For instance, payment of debts and taxes, sale of assets and payment of related costs, such as court fees, appraisal fees, fees paid to professionals and expenses associated with managing real estate.
Detailed accounting ensures transparency, as beneficiaries can see how the estate’s assets are being managed. You don’t need to tell them every decision you make, but ensure they are reasonably updated about the progress of estate administration.
Timeline for distribution
After paying debts and completing other required steps, it can be beneficial to inform beneficiaries when to expect their inheritance.
Communicating with beneficiaries is a sensitive responsibility of executors. Learn more about your other duties to ensure smooth administration.
