Part of your estate planning goes farther than selecting the documents and tools you’ll use to protect your own interests. In fact, your estate planning cannot be done until you’ve thought about the people who will serve in the most important roles in your life or when something happens to you. An executor is one such person who will managing the closing out of your estate after you pass away, and you should be familiar with the way that this process works so you can choose the right person to serve in this role.
A person who is appointed in the role of will executor is responsible for numerous different important steps in the administration of the estate. The money to perform these duties comes from the estate itself, and the primary duties associated with an executor include paying taxes on the estate, paying bills for the estate, distributing the assets according to the will’s stipulations, making court appearances on behalf of the estate, and maintaining that property until the estate is fully settled.
While some executors perform their duties without payment, executors are usually entitled to payment. One of the most common reasons for people not to request compensation while serving in the role of executor is because they are close family members and perform their duties out of respect and honoring the deceased. Your executor has a lot of tasks to complete after you pass away.
A probate court is responsible for deciding what is reasonable for an executor to get paid. Another thing to consider in the structure of who you select as your will executor has to do with the complexity of the estate. While some wills are simple and fairly routine, needing no specialized knowledge on the part of the executor, there are many complex property issues, disputes, tax concerns and liability issues that could be raised in the management of your estate. In these situations, an executor should consider getting professional help in the form of an attorney.
An attorney can give a great layer of peace of mind, structure, and professionalism to a very difficult process. This is particularly important when the estate is very complex and the person serving in this role needs the support of someone to help protect the executor’s possible personal liability in the event of an allegation from another party that the executor has overstepped his or her bounds.