People may feel honored when a friend or a family member asks them to serve as the executor of the estate. However, settling an estate is large responsibility. Before people agree to perform this task, they should make sure they understand the job.
According to Policy Genius, there are several key tasks that the executor has to carry out. These include the following:
- Filing the will at the local probate court
- Contacting the beneficiaries
- Informing financial institutions
- Managing the finances of the deceased
- Distributing assets
Overseeing the probate process can sometimes become complicated if the estate is particularly large.
Do people have time?
Before people agree to serve as the executor, they should consider their schedule. According to the American Advisors Group, settling the estate can be a time-consuming job. People may sometimes need to track down important documents, such as insurance policies and property titles. People may also have to manage the deceased’s finances and properties until they can pay the final taxes and distribute the assets. All of these tasks can take a significant amount of time.
Can people manage conflict?
Sometimes, families may experience conflict after a loved one dies. People may dispute the terms of the will or disagree with the way the executor manages the estate. As people decide whether to serve as the executor, they may want to consider their ability to manage family conflicts. If the executor is one of the beneficiaries, family members may accuse him or her of taking too large a share of the assets. If the executor is a close friend, conflict may sometimes damage long-lasting relationships.
People may want to ask about the extent of the estate before they agree to serve as the executor. This can help them determine whether they are up to the job.