Think Twice Before Being Executor

Before you accept the honor of being the executor of your friendor relative’s estate, consider the cons of this monumental responsibility.

An executor has many tasks when administering a person’s estateincluding collecting assets, paying off debts, and distributing assets tobeneficiaries.  An executor must do allthese tasks while being held to the highest standard in civil law, that of afiduciary.  Furthermore, most peopledon’t have the time or skills to handle these complex duties that may takemonths or years to finish.  Beforeagreeing to administer an estate, be sure to find out what’s involved.  Learn what type of property you’ll be dealingwith, where property is located, if any businesses are involved, if anyprofessionals will be able to help you, what outstanding debts exist, and, mostimportantly, if there are any family conflicts.

See Pamela Yip, Gray Matters: Serving as Executor Is No EasyTask, Dallas Morning News, June 17, 2013.