When people create wills and trusts, one of the key elements involves naming an executor. If you have been asked to be an executor for a family member or friend, you should carefully consider this request before accepting or refusing.
If you decide to accept the role of executor, take time to learn as much as you can about your loved one’s estate prior to their death. Request a copy of their will and read it through completely. Determine who the beneficiaries are and then ask your loved one about their relationships with them. Determine whether the beneficiaries get along, and if they do not, be prepared for conflict later on.
As the executor of an estate, you will have several responsibilities to take care of, depending on the stipulations in the will. For example, you may need to locate and prepare an inventory of assets, get a tax ID number and establish an estate account, and pay any final bills for the estate, including funeral and burial costs. You may also need to notify beneficiaries, prepare tax returns, and distribute assets according to the terms of the will.
If the creator of the estate has an estate planning attorney, CPA, and financial advisor, plan a time to meet with them in person. This can help you learn about what the plans are for the assets included in the estate.
We have helped clients create wills and trusts for many years, so if you have questions about your role as an executor, we would be happy to help. Contact us today to set up a legal consultation.