When asked to be an executor of an estate, the responsibility can seem as simple as distributing assets and handling paperwork. However, it’s often much more complex, time-consuming, and emotionally taxing than expected. Knowing such challenges in advance can assist in creating your estate plan or considering serving as an executor.
First, some terminology: the person who handles an estate is the “executor,” while the “trustee” manages a trust. If someone becomes incapacitated, the person handling their finances holds the title of power of attorney.
The Unexpected Financial Burden
Executors often face immediate financial pressure. Until the court grants authority, the deceased’s assets are frozen, delaying access for asset distribution. Without a Family Wealth Planning Session, executors may struggle with funeral costs and ongoing bills like property taxes or utilities, which must be paid out-of-pocket until legal access is granted. Additionally, executors might need to cover a bond, which can cost thousands, before they can even begin the process.
Drowning in Documentation
The paperwork can be overwhelming: locating financial accounts, obtaining death certificates, filing probate documents, closing accounts, and more. Executors often spend hundreds of hours on these tasks, and if assets aren’t organized, some might be lost or turned over to the government.
Navigating Family Dynamics
The role also involves managing family dynamics, enforcing the deceased’s wishes while maintaining neutrality. This emotional strain, combined with potential family conflict, can lead to expensive and draining court battles.
What You Can Do Now
Scheduling a Family Wealth Planning Session can ease the burden on your executor. Together, we’ll create an asset inventory, plan for expenses, and consider whether a trust could eliminate court involvement. I will also assist you in selecting your executor – someone that has time, flexibility and can handle it.
What is it that I can do to help?
I will facilitate and create a comprehensive plan that simplifies your executor’s role, guide them through the probate process, and mediate any family disputes. Remember…a complete and through Estate Plan, is the best gift you can give your family and all those you love. Take the first step toward protecting your family and supporting your future executor. Top of Form
This article is a service of Jason R. Breit, Esq., a Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you will get more organized than you’ve ever been before and make all the best choices for the people you love. You can begin by simply calling our office and scheduling a Family Wealth Planning Session. Please call us at (516) 391-0389.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
