Executors: Are You Ready?

If you are a professional advisor, you must say “No” to any client who wants you to be their executor.

There are many reasons for this. I will cover them in the next couple of posts.

You may not know what dangers lie ahead. You may not know what is in the client’s will or anything about executor duties.

Executors Learn On the Job to:

1.    Protect estate assets, probate a will when necessary, and pay all creditors

2.    Follow instructions in the will and go to court, if necessary, for directions

3.    Comply with legal requirements to pay bills, taxes and bequests on time

4.    Deal with contested or disputed estate matters

5.    Strictly observe the obligations for fiduciaries – no conflicts of interest

6.    Manage the estate affairs for 6 months to 3 years, on average

7.    Not take any compensation for executor services until all beneficiaries approve

8.    Support your decisions and accounting records in public court audit

9.    Pay for your mistakes and for breach of any fiduciary duties out of your own pockets

10.    Pay for your own legal fees to defend yourself, if necessary

Learn more about how to make probate painless in my new book, Executor Kung Fu: Master Any Estate in Three Easy Steps.

Subscribe to my newsletter, EstateTips to be notified once the paperback version becomes available.