This guest blog post is contributed by Boomerater, a free online resource for Baby Boomers helping you find everything from advice on financial planning to anniversary vacations. Seniors for Living contributes its properties to Boomerater’s Alzheimer’s Care directory.

A new Q&A discussion from Boomerater’s forums appears here each Friday. In this week’s post, members discuss the responsibilities of being the executor of an estate.

Question: My parents have asked me to be the executor of their estate.  I’m honored that they trust me with this, but I don’t know what’s involved.  I don’t think their estate is very complicated, but I have no idea how much time or effort it could take. Any advice? By the way, I visit them often but do not live near them.

Reply #1: I can offer some insight from my own experience as executor of my parents’ estate…

1. Get duplicate copies of death certificates – you’ll need them to close accounts.
2. Know where everything is kept, not just where they bank, but where the keys for the safe deposit box are, etc. My parents had a weird “secret hiding place” where they kept my grandmother’s jewelry – fortunately I knew about that, but I never could find the keys to the car.
3. All costs have to be paid before you can settle the estate. This includes rent or mortgage, credit cards, property taxes, medical bills, etc.

Reply #2: Early responsibilities of the executor include identifying the assets and liabilities.  This in itself can be complicated.  Costs associated with an illness, tax issues and any business relationship the decedent had all have to be taken into account.  To handle the legal, financial and tax issues I suggest you find competent financial advisors with experience in each of the areas.  A good executor works with the advisors to oversee the process and makes the final decisions.

Reply #3: The best situation is when the decedent has made his/her wishes known and documented… who gets what, where all the documents are, etc.  My aunt and uncle, who never had children, willed some personal items to individuals, then divided the rest of the estate into “lots.” Each heir (mostly nieces and nephews) drew one lot and received all of the items associated with that lot.  The lots were of similar value, so everyone was treated equally. The more effort your parents put into organizing their estate and documenting their wishes, the easier your job as executor will be.

Find out what others had to say about being the executor of an estate on Boomerater.com.