When people write up a will, they are expected to designate an executor of an estate. You may happen to be asked by a loved one or family member to take on this role.
The executor of an estate may be a new title that you’ve never heard of, so there are some things you should consider before jumping into your new role.
What does it mean to be an executor of an estate?
An estate executor is essentially a designated caretaker and administrator of someone’s estate. In other words, you will have to care for the deceased’s estate and uphold any wishes in their will.
Caring for the deceased’s estate will require you to:
- Protect valuable goods (jewelry, vehicles, heirlooms, etc.)
- Maintain and secure homes
- Relocate or care for pets and plants
- Pay taxes and bills for the estate
- Maintain records of everything that you do
- File any necessary paperwork with the court
Are you prepared to be an executor?
Anyone can be asked to take up the role of executor, but that doesn’t mean you have to take the job. An estate executor is a job full of responsibility, trust and dedication. So, you should know the requirements of being an executor before you accept the job.
You may have to keep in constant contact with the testator during their lifetime to ensure you understand just how vast their estate may be. Losing something during the distribution process could cause a family member to contest the will.
You may have to allot time away from life to fulfill your duties as executor. Estate execution is a lengthy role with many steps. The time you spend as an executor could essentially be considered a second job. You’ll also have to be prepared to act fast once the testator dies so that you can preserve their assets until the probate process is over.
Failing to do your job as an estate executor could cause legal problems. You may need to know your options when taking on the role of executor.