Agreeing to be the executor of an estate is a big commitment and one that requires forethought. Overseeing the closure of someone’s estate is not something you should take lightly.
Taking your time to consider the obligations and whether you have the flexibility to commit can help you make a well-informed decision.
Availability of time and resources
Tying up all the loose ends after someone dies can take a lot of time. This could mean time away from your job and your family to meet your obligations as an executor. According to U.S. News, some of your responsibilities when closing an estate could include the following:
- Filing tax returns
- Coordinating funeral arrangements
- Requesting a death certificate
- Organizing important documents
- Distributing assets to heirs
- Selling real estate investments
You will want to make sure you are in a place financially where you can manage all pertinent responsibilities. The more informed you are of the testator’s wishes, the more prepared you will feel to complete all tasks with certainty and efficiency.
Even if the testator is still living, you might have some immediate commitments to tend to. This includes familiarizing yourself with the testator’s final wishes and acquainting yourself with other participants in the estate plan. Formal discussions with the testator might provide insight that will help you perform your obligations more effectively in the future.
An executor knows how to manage money and has proven time management and organizational skills. Your preparation may improve your confidence, so you bring comfort and closure to the testator’s surviving loved ones.