Being an executor is a serious commitment and, unfortunately, executors often accept the appointment without fully understanding the role. Here are the top 5 questions all potential executors should consider.
1. Are You Familiar With the Duties & Responsibilities of an Executor?
Executors often accept an executor appointment without fully appreciating the duties or responsibilities involved. The executor will be obligated to ensure:
- the Will is located and valid
- the funeral is arranged
- the Will is reviewed and interpreted correctly
- estate assets are located and protected
- assets and liabilities are inventoried and valued
- the Will is probated, when required
- the debts, liabilities and taxes are identified and paid
- estate assets are properly distributed
2. Do You Have Previous Experience?
It’s an easy question to ask and an important one. If they haven’t been an executor they’ll appreciate guidance and options that are available; if they’ve been executor, they’ll know the areas of administration they don’t want to tackle again.
3. Do You Have the Time?
Being executor for an estate involves a significant personal commitment. It’s common for a simple estate to require 12-18 months of the executor’s time to complete. Executor duties can be impacted by other factors such as work, family, age, ill health, procrastination, and excessive stress due to the demands of fulfilling expectations in an area where most people have little experience or expertise.
4. Are You Able to Remain Impartial & Fair if There’s a Dispute?
Whether it is a real or perceived slight, family grievances can erupt when fuelled by grief and money. The conflict and disruption to family dynamics can, unfortunately, be permanent. It is the executor’s duty and responsibility to remain impartial during disputes and can be incredibly difficult if the executor is also a family member.
5. Are You Aware There’s the Potential for Personal Liability?
An executor may be personally liable for errors or omissions arising from a failure to obtain Letters Probate, Advertise for Creditors, pay debts, file income tax returns and/or properly distribute the assets.
What Can You Do?
Encourage the executor to seek assistance from our team of specialists. We’d be happy to provide personalized service, impartial guidance, and peace of mind throughout the estate administration process. Please reach out to us directly to learn more about how we can help.
The information in this article cannot be considered to be legal, tax, real estate or financial planning advice, nor a substitute for professional advice.