Being named an executor in a loved one’s estate plan is a significant title. Being named as the executor essentially means that they trust you enough to handle their affairs after they are gone, but it comes with more than just the honor of being chosen. Being an executor comes with a lot of responsibility, time, and patience.
With that being said, it is essential that potential executors understand what they would be getting into before accepting the title, ensuring that their loved ones can properly write out their estate plan and rely on them. It is okay to walk away from the executor title, but it is important to know what it entails before anything else.
What is an Executor?
An executor is an individual or organization named in a will to manage and settle the deceased’s estate. This means that the executor will carry out the wishes of the deceased, whether that is distributing assets, paying off debts, or probating the will, while taking the time to locate all legal estate documents and identify the deceased’s financial, digital, and personal assets. This process can be very time-consuming, complex, and emotionally taxing to an individual and should be considered carefully.
Understand The Time Commitment
Taking on the responsibility of an executor could take several months to years to complete fully. As the executor, you are to manage their affairs, pay their debts, and distribute their assets. Depending on the complexity of the estate plan and those involved, this could take a substantial amount of time. If you are unable to set time away for this kind of responsibility, it is wise to have a conversation with your loved one during the estate planning process.
Taking Over an Estate Can Be Complex
Everyone’s estate is different, but there is always a level of complexity to managing another estate to expect. This is especially true if their estate included a business, multiple properties, high-value assets, or contentious beneficiaries. It is important to look inward and decide whether or not you have the resources and management ability to handle an estate like theirs.
Don’t Ignore The Emotional Toll
Accepting the title of executor is not only accepting the responsibility of one’s estate, but it is also accepting the emotional weight of handling the last wishes of a loved one and going through their assets with close inspection. This can be very emotionally taxing on some individuals and lead to it all becoming more difficult to continue. It is important to remember that it is not just paperwork, but the life of a loved one.
Consider The Level of Responsibility You Hold
An executor must work in the best interest of the estate plan and beneficiaries, not for personal gain. Much of this responsibility is financially motivated as an executor must keep detailed records, file tax returns, pay off debts, and communicate openly with beneficiaries. As executor, you hold a significant amount of responsibility, and it is essential that it is taken seriously in the eyes of your loved one so that assets are distributed correctly and finances are handled properly and legally.
What to Do If You Don’t Want to Be an Executor
If you are approached by a loved one and they ask you to be their executor, do not feel as if you need to say yes. If you know you can not take on the title, have a transparent conversation with them to let them know. There may be other areas of the estate plan that you could help with. It is wise to try to decline the title sooner rather than later.
However, if you have already been written as the executor in the will and your loved one has passed away, you must decline the role formally. To do this, you must file a renunciation or declination with the probate court. During this time, you could also suggest alternative executors who might be able to step in. It is wise to consult with an estate planning attorney during this process if you are unsure how to proceed.
Taking on the role of an executor is a significant responsibility, and it is essential to understand what it means to you, your time, and your life. If you have further questions or wish to start your estate planning process, contact the team at Hartmann Law.