Key Considerations if You’ve Been Named an Estate Executor
If a close relative or friend passes away, you might find yourself being named the executor of his or her estate. This is a huge responsibility, but you can handle it by staying organized and on top of all the tasks you need to perform.
To help make sure you’re in the right mindset to do the job well, here are a few things you should consider as soon as you find out you’ve been named an executor of an estate:
- The complexity of the position. If the estate is only of modest value with few assets, then you probably won’t have too many problems managing it. The general rule of thumb is that the larger the estate, the more complex and challenging it will be. Thus, if you are in charge of a huge estate or if you are unfamiliar with the affairs of the person who named you executor, you might face a number of logistical issues.
- Location. If you live far away, it might be difficult or expensive for you to handle the estate. If it seems logistically impossible for you to get to and from the site of the estate regularly, you might have to pass on executor duties to someone else.
- Family members. Will other family members allow you to do your job without getting in the way? Will there be conflicts among family members and other potential heirs regarding inheritance? These are issues you should definitely think over.
- Sharing the position. You might consider asking someone who would do a good job to share the workload with you so that you don’t have to put all the stress of the position square on your own shoulders.
For more assistance as you prepare to administer an estate, speak with the trusted Florida estate planning attorneys at the Charles Law Offices.