It’s no secret that being an executor can have its challenges. You may need to solve conflicts among beneficiaries, deal with contests in court, meet beneficiary expectations and so forth. Nonetheless, you can successfully handle such issues, making your work more manageable.
So, how can you do this?
1. Communicate effectively
As an executor of an estate, one of your duties is ensuring that beneficiaries and interested parties, such as creditors, are adequately informed. Communicate with them about matters regarding the estate – notify them when the estate goes to probate.
You should also keep them informed about the estate (its value and outstanding debts) and the probate process (how the probate is progressing, the delays you may be facing, how you are managing properties and so on).
Further, when a beneficiary requests any information, provide it as soon as possible. Delaying to respond or failing to disclose relevant information can lead to conflicts.
2. Get help from a professionals
Chances are the testator (the person who drafted the will) may have connected you with the professionals in their estate planning team, including their financial advisor, tax professional and lawyer. If they didn’t, consider contacting these parties. This is because they can offer you substantial help when performing your duties, particularly when dealing with challenges.
3. Set aside adequate time
Administering an estate can take time, especially if it’s a complex one. Thus, you should set aside sufficient time to perform your duties. Working with professionals, having all the needed documents and staying organized can help you save time.
Even though you may face challenges as an executor, you can solve them with a wide range of measures. It’s crucial to be well-informed from when you assume your duties to when you close the estate.
