If you are working on your estate plan with your estate lawyer, you should spend extra time ensuring that you choose the right person to act as the executor of your estate. An executor has a big responsibility and must manage the pressure of working in a time-sensitive environment. They will have some things to learn and will need to be someone that is responsible and trustworthy, which is why it’s such a big decision. Choosing the wrong executor for your estate can lead to family quarrels and even an estate litigation. That’s why we’ve created the following article which provides some details on the common concerns of first-time executors. That way, you can understand how things are from the perspective of the executor.
One of the first things that an executor will start to think about is their level of personal liability. It’s true that executors are held personally liable for their actions or inaction. The executor might be responsible if the estate administration process is delayed for any reason. You want someone that can think on their feet and that will take the time to learn the basics before you deem them executor. You can always ask for advice from your estate lawyer if you are having a hard time deciding.
It’s quite common for families to get into quarrels after a loved one passes away. Emotions are usually running high, and when you add money into the equation, things can get heated very quickly. This is an important consideration to make if you are planning on naming a family member as the executor of your estate. You don’t want your family to end up going through an estate litigation if you can avoid it.
Another common concern of first time executors is figuring out a way to keep estate assets safe until they are ready to be dealt with. That includes things like firearms, collectibles, art, and family heirlooms. It’s the executor’s duty to safeguard these types of assets until they are ready for distribution, which is why you want to choose someone that is trustworthy and reliable to act as the executor of your estate.
We hope this article ultimately helps you make the right decision for naming the executor of your estate. You can always reach out to Millman Legal if you are in need of legal guidance during your estate planning activities.