A loved one or someone you know on a professional level has asked you to become their estate’s executor, and you told them you need time to think. How should you respond? Should you accept the role, or do you think it’s wise to turn it down?
Before responding, here are two things to consider:
How complex is the estate?
The first thing to consider is the complexity of the estate. Ask the testator (the person who drafted the will) about the properties included, the uniqueness of the assets, the number of beneficiaries and so forth. When adequately informed about this matter, you can determine if an estate is complex and whether or not you can administrate it competently.
Note that small estates can also be complicated. An estate may have fewer yet unique assets, like stock options, digital currencies or artwork. Further, an estate with fewer beneficiaries doesn’t necessarily mean administration will be smooth. If one contests the will, you may have a challenging process.
Regardless of the complexity of an estate, you can connect with others who can make your work more manageable. They can also help you understand the estate and beneficiaries in-depth over the years.
When do you need to assume the role?
While serving as an estate’s executor will mainly mean waiting until the testator’s death to assume your duties, there may be some responsibilities that require your time sooner, such as being informed about changes made to a will, knowing the names and contacts of beneficiaries and other involved parties, knowing the location of documents and discussing funeral wishes with the testator.
If you have been asked to be an estate’s executor, learn more about your expected responsibilities to make an informed decision.