Being an Executor is an Important and Often Risky Task

Writing out a will is often pushed back on a person’s agenda, as well as updating it when important life changed occur. There are are potential risks that happen if you fail to do either of these, such as their assets and possession landing with a person that they never intended to benefit.

Another undertaking that is crucial is assigning an executor. Though when the person officially takes on the role who will already have passed, the job is an important one with several possible pitfalls. The person you designated should understand that it could be a time-consuming and highly demanding job – especially when performed correctly. Finding tax documents, insurance policies, bank accounts, debt records, paying off any bills, etc. could take up a huge chunk of time.

It’s also important for the executor to correctly file the appropriate taxes for the estate as if this is not done timely the executor themselves could be billed for late fees and penalties. The courts have recognized that it is the responsibility of the person conducting the probate process to pay the taxes, so the law has been continuously upheld.

See Julian Block, When You Write Your Will, Don’t Mess This Up, Market Watch, June 12, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.