Tips For Executors

According to some attorneys, there has been an recent “epidemic” of suits against executors—often times, these executors are friends or family of those bringing suit. Information regarding the probate process and the executor’s role is below:

• Executors pay bills, account for assets, and distribute estate assets during the probate process.
• The probate process typically takes one to two years for midsized estates (but can last for many more years for large, complex estates).
• Executors may be deposed and be required to make court appearances if there are any heir challenges.
• Executors must know rules governing taxes, investing, conflicts of interest, and much more.
• Executors get paid according to state law if the will does not direct otherwise (some states provide very minimal payment).

See Arden Dale, Estate Executors: An Honor…and a Pain, The Wall Street Journal, Sep. 19, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.