Wednesday, August 10, 2022
Serving as the executor of an estate requires quite a bit of time and energy which requires three main responsibilities: settling debts, filing a final tax return, and transferring accounts to the right beneficiaries. On top of these duties, an executor is often grieving the loss of their loved one and dealing with the emotional toll it takes on other friends and family.
“The executor’s role is to be diligent, not steal from the estate, and to follow the requests of the testator found in their will,” says Meredith Hill, an estate planning attorney in Maryland.
Before an appointment, it is important to spend as much time learning about the role and compiling a list of all the things that will need to be done and make sure that the executor is able and willing to devote the necessary time to the estate administration process. Executors are generally entitled to a fee or commission for their services, which will be stated in the will.
For more information:
See Vikram Barhat “Probate Primer: How to Be an Estate’s Executor” Barron’s, August 6, 2022.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.