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For Estate Planning, Estate Administration And Disputes

Important considerations when becoming an estate executor

On Behalf of | Jan 11, 2023 | Estate Administration & Probate |

If friends and family see you as competent and honest, they could reach out to you to serve as an executor of an estate. While this position has a certain level of prestige, you should carefully consider all aspects of the job.

Depending on the situation, you might have to pass on the offer.

Take a realistic approach

While you might want to help out, sometimes, according to information from a Forbes article, the position of an estate executor might present too many difficulties. For example, you might lack the expertise to handle matters, particularly if the estate has a high degree of complexity. Your situation might not allow you to devote the necessary time to the job.

Living far away from the estate can also complicate matters and require more work on your part. If you have other responsibilities in your life such as a demanding job or caregiver duties, you probably cannot handle additional responsibilities. Moreover, if you have health issues, you should leave the job to someone else.

Look at all angles

Make sure you understand the primary duties of the position. You will have to handle such matters as paying off creditors, issuing death notices, changing addresses and dealing with legal matters. It makes sense to look at the family dynamics of the estate to anticipate disagreements and even litigation.

It could turn out that you have the time and the ability to do the job well. In that case, you will provide a valuable service to your family and friends and you should also receive fair compensation for the job. If you cannot do the job, remember the estate has the option of working with professional estate administrators.