Five Things to Know Before Becoming an Executor of an Estate
When someone asks you to serve as an executor of their Last Will and Testament, it is an important role that you need to take seriously. If you don't have experience as an executor, it is important to know what to expect. There are a few main facts to understand to ensure you're prepared and can avoid mistakes.
1. It Requires Your Time
Many people don't realize how much time it takes to probate a Will, which can take an average of one year. For the executor, this requires making a few appearances in court if you attempt to do the job on your own. If you hire an attorney, the attorney will generally make court appearances for you. But, you will have to handle all the financial aspects of the estate, as well as prepare accountings, if necessary, and income tax returns for the deceased person you're representing.
Executors are also responsible for cleaning out the deceased individual's house and preparing to list it on the real estate market if they plan to sell it. If you have ever bought or sold a home, you know how much time this could demand of you.
2. Mistakes Can Cause You to Be Personally Liable
You can put yourself at risk as an executor if you make mistakes. This is common if you fail to do the job of the executor properly. Notifying the heirs of the estate, following the terms of the Will, honoring deadlines, filing tax returns, and distributing the estate correctly to beneficiaries requires a high attention to detail and staying organized to ensure you do the job correctly. If you do not do the job correctly, you could be personally responsible to the estate and the beneficiaries.
3. You Can Hire a Professional
As an executor, you can (and probably should) hire a legal professional to help you with the legal and tax work. This can make it easier to avoid mistakes and ensure you protect yourself. You can also hire professional appraisers throughout the process to ensure you have the guidance of an expert.
4. You Need to Do Your Research
The courts expect executors to educate themselves about their duties and responsibilities in advance. You can't expect the judge to provide you with a tutorial on deadlines and probate court rules. You need to understand all the procedures before you begin the process to ensure you know what to expect and don't have to spend extra time in the courtroom asking questions. A legal professional can also assist and help answer your questions to ensure you avoid mistakes and understand certain legal terms.
Fortunately, you have the freedom to decline the role of being an executor if it's not something you feel you have the time or capacity for in the future. Understanding what is expected of you in advance can avoid any surprises if you choose to accept the request to be an executor.
If you're unsure whether or not to accept the role of executor, or if a loved one has died and you are the executor, please contact us for guidance.