It’s an Honour to Be an Estate Executor
The first time I was asked by someone to be their Executor I was proud as can be. After all, they were trusting me to handle all their money after they died. But it took my first experience acting as an Executor to become aware of exactly how little I understood about the job. Here is what I learned.
To begin with you have to find the will, handle the funeral and find a lawyer. Some of this may be at your own expense since you can’t necessarily access the deceased’s money immediately.
Then this lawyer will be your new best friend because you’ll develop a relationship while you work on your Executor duties. She will guide you through the process of finding and adding up the financial value of all money and significant assets in the estate so that she can file probate. The lawyer will also help with seeking creditors.
Next, once the court has probated the will, you have to find an accountant to handle the tax filings. He will help to ensure that you don’t make inappropriate dispositions prior to knowing what the tax liabilities are … otherwise, they come out of your pocket.
Finally, you have to handle the non-liquid assets. That may mean selling a house, which the realtor will facilitate. And it certainly means disposing of all the deceased’s “stuff.” This means household furnishings, and personal possessions. If the deceased is a senior, that can mean a lot. . The will may provide some guidance on disposal and disbursement of some items, but you may need to find the final destination for items, also.
Oh, how I wished I had known a company like Trusted Transitions that provides Executor Assistance. The job was long, tedious and stressful, and cut into my business, social and personal life.
And this is one of the reasons I started this business. To help Executors with the low-value and high-stress part of their job.
Don’t be like all those people I’ve met who say “If only I’d known about you when my mother passed away.” Call Trusted Transitions to get a helping hand with your Executor duties.