If you've been asked to serve as the executor of a will, you will likely feel honored. Being selected to be an executor means that a person has faith in you to carry out the duties assigned to an executor. Yet, you may also find yourself feeling overwhelmed by the weight of this decision. Remember that this is a decision, and you have every right to say no.
Fulfilling the legal duties of an executor is tedious work that takes time to complete. Thus, do not rush into making a decision out of a sense of duty or obligation. Ultimately, this decision shouldn't be taken lightly. So, feel free to take time to research and think about this responsibility before giving your answer. To help you decide if being an executor is right for you, here is a look at a few frequently asked questions we receive about being asked to act as an executor.
How Difficult Is the Job of the Executor?
The most common thing people ask is how difficult this role really is. Considering that the executor is tasked with handling an individual's final affairs, the difficulty of this job depends on the complexity of the estate. If the deceased had a modest estate with a home, a car, and a couple of bank accounts, then it may not be too difficult. However, if they had a large, complex estate consisting of multiple properties, several investment accounts, a stock portfolio, or even a business, you may quickly find yourself overwhelmed by all of the duties you will need to fulfill.
Before you agree to the job, you should then ask the person appointing you as executor what their estate includes so that you can make an informed decision.
Will It Be Time Consuming?
When considering becoming an executor of a loved one's estate, it is important that you think about the considerable time commitment this represents before you take the job. While how time-consuming being an executor is will depend on the complexity of the estate, you should expect to have to complete a variety of administrative tasks such as filling out paperwork, meeting with lawyers, going to courthouses, taking phone calls, and visiting banks or other financial institutions, all of which can quickly eat up your free time. Before agreeing to the job, you should then think about how busy your personal and professional life currently is.
If you have the free time to spare and want to act as executor as a way to honor a loved one, then this may be the job for you. However, if you already have countless professional and familial commitments, then you should consider politely declining or requesting that there be a co-executor.
How Will I Know If I'm Right for the Job?
Ultimately, the decision to serve as executor of someone's estate is a personal one, and you will have to make this decision for yourself based on what you have read about the duties an executor is assigned. You may decide that you want to take the job as a way to honor your loved one once they are gone. Yet, if you still find yourself wondering if you are right for the job, here is a look at a few questions you should consider asking yourself that can help you make this important decision.
Do I Understand the Duties of the Executor?
It is important that you fully understand what you are signing up for before you agree to be an executor. As the executor of someone else's will, you will be responsible for a variety of critical, sensitive tasks including locating and reviewing the will and filing it with the probate court. You will then be in charge of managing the estate's assets and overseeing distributing the deceased's assets as directed by the will and/or probate court before settling the estate. You may also be in charge of making funeral arrangements, locating life insurance policies, and obtaining copies of death certificates. It is also up to the executor to ensure that the estate's debts, taxes, and other final expenses are paid. Being an executor is then no small task, and you need to decide if you are up to the challenge when making your decision.
Am I Organized?
One of the biggest things you will need to consider is how good you are at staying organized and meeting multiple deadlines. As you have likely realized by now, there are many tasks that are assigned to an executor, many of which require keeping track of paperwork and meeting specific deadlines. If you have experience with administrative work, you may find the duties of an executor second nature to you. However, if you do not have experience filing and obtaining records, keeping track of payments, reading contracts, or reviewing/filling out complex paperwork, the duties of an executor may take their toll, leading to stress, anxiety, and sleepless nights. It is particularly important that you do not accept the job if you have a hard time meeting a deadline, as this can land you in legal trouble if you do not complete your executor responsibilities within a given timeframe.
Am I Good at Conflict Resolution?
It is important that you also take a moment to think about how comfortable you are dealing with people and handling potential conflict. An executor spends a great time dealing with people and helping to keep the peace during a difficult time. The fact is that the loss of a loved one can take its toll, and even family members that generally get along may start to quarrel in their time of grief, particularly if there are disagreements over how the estate should be handled. As the executor, you will need to be able to keep a level head and help keep the peace during this difficult time. If you are not good with conflict, or the thought of acting as a moderator makes you uncomfortable, then you may want to graciously decline the position.
Need Help as an Executor?
Agreeing to act as an executor is a major decision that should not be taken lightly. This job requires a significant time investment, but it can also be a great way to honor someone you care about once they are gone. If you have been asked to act as executor of a loved one's estate, feel free to contact us for more advice on how you will know whether the job is right for you.
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