Challenges of Being an Executor

When you are asked to be an executor of someone’s estate, what are those responsibilities?

A NerdWallet website article provides many insights into the various tasks you would be agreeing to take on. For example, the executor must find the deceased’s relevant documents, inventory the assets and debts, and arrange appraisals for the tangible assets (think house or artwork) that the deceased may have owned. This is in addition to communicating with financial institutions, governmental agencies, managing property, and keeping records of everything. If the estate includes a home, the house may have to be emptied of possessions and readied for sale.

While one task, by itself may not be overwhelming they do start to add up. A survey by EstateExec, an online tool for executors, found that the typical estate takes about 16 months to settle, and requires 570 hours of effort. Estates worth $5 million or more typically take 42 months to settle and 1,167 hours to complete. Some of those hours will be completed by outside professionals such as attorneys, accountants, and financial advisors. But it is the executor with the responsibility to watch over and coordinate everyone’s efforts.

Disputes are not uncommon. The executor may be put in the role of referee when heirs disagree about the way the assets were divided. And the heirs may also disagree with some of your judgment calls — such as whether to spend the estate’s money to fix up a house for sale.

Before you accept the role of executor, you might insist on seeing the will or trust documents to ensure that there aren’t any unpleasant surprises that could cause discord among the heirs and ensure that assets are inventoried. You can also insist that the documents name alternates in case you can’t or decide you really don’t want to serve in this complicated role.

Source:
https://www.nerdwallet.com/article/finance/why-you-may-not-want-to-be-an-