Have you been chosen to serve as a loved one’s executor? With this honor comes many responsibilities. It’s important to make sure that you handle all of the estate affairs with care.
Take a look at some of the tips below on how to be the best executor possible. If you have additional questions about your duties at executor, meet with an estate planning attorney.
- Follow all of the instructions outlined in the will. It’s important to make sure that you follow all of your duties so that you avoid problems; otherwise, you’ll have to hire an attorney to undo whatever you’ve done wrong and may be held personally liable for financial losses.
- You should be organized throughout the entire process. Any disorganization can lead to costly errors.
- If you don’t understand something, get the help of a professional. You may need to work alongside both a CPA and estate planning attorney throughout the process.
- Communicate effectively with beneficiaries. This will help to ensure that you’re able to successfully distribute assets. You will need to give advanced notice of asset distribution.
- Make sure that you take enough time out of your other responsibilities to handle the estate affairs. These duties can be extremely time consuming. If you need help, hire a professional such as an estate planning attorney, CPA, and/or trust company.
- Take care when handling financial records or documents that related to the estate. Keep receipts and good records.
- Don’t mix any of your personal finances with those of the estate. Keep all of your affairs and monies separate.
By serving as an executor, you will be helping your loved one and his or her beneficiaries in a variety of ways. It’s important to take the responsibility seriously and to take care throughout the entire process. If you have additional questions about your responsibilities as an executor, consult with a qualified estate planning attorney.
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