Difference between revisions of "Being Asked to Be an Executor"

[[File:beinganexecutor-contents1.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]An '''executor''' is the person named in a [[Writing Your Will|'''will''']] to carry out the instructions contained in the will.  

When the person who made a will (the '''will-maker''') dies, their property and possessions form their '''estate'''. The executor administers the estate by locating all of the will-maker’s property, paying any debts, the funeral costs and taxes, and then distributing the rest of the estate according to the instructions in the will.  

Being an executor takes time, energy and careful attention to detail. An executor can get help from friends and family members and also from professionals such as a lawyer or accountant. However, the executor is the person who is legally responsible. An executor makes the decisions, watches over everything, and needs to keep accurate records.

Acting as an executor can be relatively straightforward if the estate is modest; for example, if the estate consists of a car, a house, some personal belongings, and a bank account. But the job of executor can become challenging for many reasons, and you should only take on this responsibility knowing that the task may be time-consuming and stressful.  

* the will is challenged by someone who feels left out of the will.

If someone asks you to be their executor and you don’t want to do the job, you can say no. You can also decline or [[Ten Steps to Being an Executor#What if I don't want to act as executor?|'''renounce''' an appointment as executor]] after the person has died. However, if you have started dealing with any property of the estate, you are legally bound to continue, and you can only be relieved of being the executor by a court order after accounting for what you have done in the meantime.

Any out-of-pocket expenses the executor has while administering the estate are paid for out of the estate. Examples of out-of-pocket expenses are search fees, photocopying, and postage.

}}  

There may be more than one executor named in a will to act at the same time. If there is, the co-executors must act jointly. Neither is the "lead" executor or "main" executor. The co-executors have to agree on many things, from the selling price of the house to who is going to get the family photo albums.  

If co-executors cannot agree, the administration of the estate can not move forward. For example, if one executor wants to sell the house and the other disagrees, there can be no sale. If co-executors have serious disagreements, they may need to contact a lawyer or go to court to resolve the conflict. If the administration of the estate cannot move forward because the co-executors disagree, the beneficiaries may also go to court and seek removal of the executors for failing to act appropriately.

In general, it can take about one year to complete the work of executor for a straightforward estate. This is commonly referred to as the “executor’s year.”

That said, there is no set time when the responsibilities of the executor are finished. The executor remains responsible for looking after the estate, even after the estate property has been distributed to the beneficiaries under the will. If assets or debts turn up years later, the executor will still be legally responsible for dealing with them. The executor’s role is only finished when the court formally discharges the executor.  

Many executors do the work themselves, while others hire a lawyer or an accountant to do some or all of the work. Typically, executors hire a lawyer to handle any business interests left behind by the will-maker. Most executors hire an accountant to prepare the tax returns; some hire an accountant to prepare the estate accounts.