Before Starting Your Job as Executor, Answer These 6 Quick Estate Questions Series
Question 6 Are there foreign or business assets?
Wouldn’t it be nice to travel to Europe? What if the estate has assets in another province or country? Will you have time and ability to manage assets in other jurisdictions and with different legal requirements? Are you familiar with their local law, custom and language?
You must find a lawyer to probate the will in another jurisdiction. How much time will that take? Do you really want to deal with foreign tax and legal requirements?
Check with a lawyer in any other jurisdiction. You may have to reside there to be appointed as an executor.
If you don’t handle foreign assets, will you be paid executor fees?
Beware of business assets. Can you find out if business tax returns are up to date? Speak with business advisors if payroll, bills and all government filings are up to date. You may want to avoid managing any estate business without protection.
Do you need help with executor work? I have helped executors whenever problems arise. Contact me.Posted In: Estates, Executors On: June 25th, 2021