Having a friend or family member pass away is often extremely emotional. Not only are you forced to deal with feelings of loss and grief, but there is also matters involving the deceased’s estate. If you have been named the estate executor in an estate plan, you may be faced with a host of issues. It is crucial that you fully understand your role as an estate executor so that you may fulfill your responsibilities or legally withdrawal from the role.
One important thing to keep in mind is the amount of time you must invest into carrying out your duties as an estate executor. In addition to meeting with and speaking with investment firms, banks, life insurance companies and mortgage companies, you may be asked to track down and contact beneficiaries. It can also be extremely tedious work if the estate goes through the probate process.
There may be costs associated with being the estate administrator. You may need to travel to another state to sign papers or meet with people. You also run the risk of losing wages from taking time off of work. In some cases, the estate may pay the administrator a percentage for performing this job.
If you are easily stressed, disorganized, hard to reach or quick to anger, you may want to think twice before becoming an administrator. There may be so many things going on during the process of finalizing an estate that it is best if the executor is organized, calm, punctual and easy to communicate with.
This information is intended to educate and should not be taken as legal advice.