Being appointed as an executor to a love one’s will may be an honorable role, or it could be completely terrifying, depending on your temperament. Outside of that, it is helpful to know what is going to be expected of you in this role. For many executors, it is a multifaceted role where you will have to deal with a number of people and be the point person in several transactions.
This post will identify a few things you will have to know if you are appointed to be an executor.
Know the rules of administering an estate – Having working knowledge of California’s estate administration rules is essential. Of course, you are not expected to be an expert, but knowing about filing an estate tax return (depending on the size of the estate) publishing death notices and paying funeral expenses are common tasks. This is commonly where an experienced lawyer can help.
Be ready to deal with a number of personalities – As we alluded to earlier, an executor is going to be the point person for distributing property; which means that you will likely deal with family members, property trustees and creditors. Everyone will probably have a hand out and believe that their claim is more important than others. So it takes an even keeled person to be an executor.
Expect a time commitment – Again, depending on the size of the estate, there may be a significant time commitment needed to properly administer the estate. Of course, you may not have the time to keep up with all the necessary tasks, which is why a skilled estate administration attorney can be helpful.