Sound Legal Advice From Our Family To Yours

Does your executor have what it takes to manage your estate?

On Behalf of | May 21, 2022 | Estate Planning |

Managing an estate is not for the faint of heart. Unfortunately, some executors end up thrust into this position of responsibility without understanding exactly how tough it is.

Thus, it is important both for you and for your executor that you both understand what it takes to manage an estate.

Managing your finances looks at the duties of an executor, which are by no means small. Essentially, running and managing the estate after your death will end up left solely in the hands of the executor.

They have to manage your finances and make sure they continue paying any ongoing bills, such as rent or mortgage. If you had outstanding debts, they need to settle those with your estate assets. They must cut off any unnecessary drains on your assets such as subscription services.

Organizing your funeral

They will hold the responsibility for arranging your funeral and handling your body in the way you wish. Again, they will take the money for this out of the estate.

Handling probate

They will have to deal with the probate process, which is sometimes complex and can last upwards of five years. This means they should go into this arrangement prepared to be handling matters of your estate for years to come.

Carrying out asset division

It is also up to them to divide assets after probate and ensure all beneficiaries get their share. In short, they need a slew of skills such as organizational and time management skills, leadership skills, and strong communication abilities in order to make for a good estate executor.