While it's an honor to be named as a trusted decision maker—also known as an executor or personal representative—in a person’s will, it can often be a sobering and daunting responsibility. Being an executor requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the accounts and property to which they are entitled.
At Ruggiero Law Offices, our trust administration and probate attorney wants to make sure the process goes as smoothly as possible. If you're an executor who is feeling overwhelmed, here are three tips to lighten the load.
1. Get Help From an Experienced Attorney
The caveat to being an executor is that once you accept the responsibility, you also accept the liability if something goes wrong. To protect yourself and make sure you are crossing all the “ts” and dotting all the “is,” hire an experienced estate planning attorney now.
Having a legal professional in your corner not only helps you avoid pitfalls and blind spots but also gives you greater peace of mind during the process. In fact, in some states, it's a requirement that an executor be represented by competent legal counsel, so it's always a good idea to discuss your responsibilities with an attorney before you take action.
It's also important to note that the expense of hiring an attorney doesn't have to be borne by you. As an executor, you're allowed to hire professionals to assist you in carrying out your responsibilities, and they can be paid from the deceased person’s estate. This includes professionals such as financial advisers and certified public accountants.
2. Get Organized
One of the biggest reasons you may feel overwhelmed as an executor is that the details can come at you from all directions. Proper organization helps you conquer this problem and regain control. Since 1990, the estate attorneys at Ruggiero Law Offices have helped people just like you follow a clear roadmap instead of untangling a legal puzzle. We advise you on what to do and when.
First, you'll need to gather several pieces of important paperwork to get started. It's a good idea to create a file or binder so you can keep track of:
- The original estate planning documents
- Death certificates
- Bills and financial statements
- Insurance policies
- Contact information of beneficiaries
Bringing all of this information to your first meeting will be a solid start. As you continue with the administration process, you may be required to open or manage the deceased person’s bank accounts. It's important that you keep records of all transactions that occur because you're required to account for how money has been spent. It's also important that you keep all of the deceased person’s finances separate from your own. Don't deposit money into your personal account.
3. Establish Lines of Communication
As an executor, you're the liaison between multiple parties involved in the probate process:
- The courts
- Creditors
- The Internal Revenue Service
- Beneficiaries and heirs
Create and maintain an up-to-date list of everyone’s contact information. Also, retain records such as copies of correspondence or notes about phone calls you make as executor. Open and honest communication helps keep the process flowing smoothly and reduces the risk of disputes. It's worth repeating because it is so important: keep records of all communications, so you can always recall what was said to whom.
If you've been appointed as an executor and are feeling overwhelmed, Ruggiero Law Offices will provide skilled counsel and advice to help you through the process. We can also help you draft your own estate plan so your family can avoid the stress of probate. Give our office a call today for an appointment. We look forward to hearing from you.