Lawyers often agree to be the executor for the estate of a client, friend, or family member. This situation usually only arises if no one else is readily available to act, and the client resists the suggestion of engaging with a trust company (which is common). Acting as an executor can potentially result in a bad outcome for the lawyer.
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Sep 22, 2021 · Agreeing to serve as an executor entails wrapping up a lifetime financially which requires attention, effort, and honesty. An executor is a person named to distribute a deceased person’s property that passes under their last will and arranges to pay debts and expenses.
Nov 01, 2021 · Should you agree to be an Executor of an Estate? Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes. November 1, 2021 ★ Articles Elder Law Estate Planning Probate
Oct 30, 2021 · Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes. If you are asked to be an executor, you should understand some of the duties it entails before saying yes.
Oct 28, 2018 · Attorney as executor. Per the American Bar Association, if you feel that none of your family members or friends possess the requisite financial skills to properly act as your executor, you may wish to designate your attorney instead. Not only has (s)he probably worked with you for years to help you set up your estate plan, (s)he also is well ...
The executor of a deceased person’s estate is a fiduciary, someone legally and ethically bound to manage assets in the best interests of another party. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. Unfortunately, the obligations that appear urgent may in fact be less important than others you may not yet be aware of.
As executor, one of your primary duties is to ensure that you have identified and protected all estate assets. This includes everything from costume jewelry to real estate.
One example is paying bills. As executor, the deceased’s mail has probably already started coming to you, and that mail likely includes bills: medical bills from the last illness, utilities, credit card bills, and so forth. As a diligent executor, you may think you have to pay these bills immediately to keep the finances ...
If you don’t pay all bills immediately, what do you do? When you receive a bill, you can use the information on it to contact the creditor to notify them of the death. But what about creditors who don’t send monthly bills?
If they don’t file a claim within that time period, it is barred. However, if an executor or personal representative does not take the proper steps to give notice, creditors may be able to demand payment after the executor believed the claims period was closed.
As a fiduciary, you are obligated not only to act in the best interests of the estate and its heirs, but to thoroughly document your actions. This seems obvious in the abstract, but in real life, it is easy to let things slip or to assume that because you have good intentions, everything will work out.
If you fail to do so, you could unnecessarily extend the length, and the expense, of the probate process. You may be uncomfortable with the process of filling out schedules, documenting receipts and disbursements, and using accounting and balance sheets.