Beck, Lenox & Stolzer Estate Planning and Elder Law, LLC, brings you the basics of what a first-time executor needs to know when responsible for settling someone’s estate. The executor of an estate is named in the will, chosen by the decedent, and, ideally, has been asked to serve. According to the article “Grief, Then Paperwork: The Messy, Thankless Job of an Estate Executor” from The Wall Street Journal, executors had no idea they were being given the job or what they needed to do. Hard to believe, but our office has run into that surprise as well!
Most people don’t realize how much work there is in settling even a modest estate, nor how much family drama might occur. If there is no will, then the court gets involved, which can add thousands of dollars and take months or even years to settle the estate.
One such story comes from a systems engineer whose father-in-law didn’t name him executor in his will but, on his deathbed, asked his son-in-law to take on the role. The other executors were more than happy to step down. The family had to apply with the court to have him named administrator.
It may feel better to name a family member, but someone coping with grief may not be up to the task. Naming one adult child as an executor could create problems if the siblings don’t get along. Having co-executors can lead to stalemates, where nothing gets done.
Choosing an impartial person, such as a trusted and competent friend or an estate planning attorney, may be a better option. You should have a conversation with the person to be sure they are willing to serve as executor and be clear about whether or not compensation should take place.
Without a will, settling the estate becomes complicated. The article also refers to a retired defense attorney—who should have known better—who never got around to writing a will or naming an executor. Her stepdaughter had been caring for the retired attorney and her finances for years. However, because she was a stepdaughter and there was no will, the court appointed a relative to handle the estate and inherit assets. The executor chose to help the bloodline relatives. However, when she died suddenly, and a stepbrother took over, two more years passed before the estate was settled.
Executors who aren’t prepared for what’s coming are often exhausted and resentful when a mess has been left for them to clean up. A better legacy to leave is one where everything’s taken care of, including a will, trusts if appropriate and clear conversations with the executor and family members.
Don’t do this to your family. If you do not already have your estate plan or have not selected an executor ready and able to handle your estate when the time comes, contact us to discuss your situation. You can schedule a free phone consultation with one of our attorneys. The binder we provide to our clients contains all the legal documents you requested, including instructions on executor’s duties.
Reference: The Wall Street Journal (June 29, 2024) “Grief, Then Paperwork: The Messy, Thankless Job of an Estate Executor”
