AbbeySmith
Joined: 24 Jul 2015
Posts: 7
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 Posted: Fri Jul 24, 2015 10:45 am Post subject: |
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1. Do you have the time?
When her mother died in 2011, Susan Crim had no idea that it would take nearly two years, as executor, to close out the estate. Wrestling with paperwork, faxing documents and traveling from Virginia to consult with legal and financial experts became a way of life as she grappled with a confusing bureaucracy. "I was grieving," says Crim, 59. "It was challenging." Then last February, just two months after she settled her mother’s affairs, her father died. And her duties as an executor began all over again.
2. Do you have the skills?
Being an executor requires a high degree of organization. One executor recalls keeping a notebook and recording every single communication with lawyers, bankers and other contacts.
3. Do you have the temperament?
As you sort through legal and financial matters, you'll confront a range of personalities, so it helps to be calm. Min Zwang, 84, initially appointed all four of her children as executors when she created her estate plan. But she began to question that decision and recently changed her will. She named one daughter as the sole executor to help the process go more smoothly.
4. Do you know the rules?
Each state has specific laws on executors' responsibilities, along with timetables for them to perform their duties. Paying the funeral expenses, publishing death notifications and filing estate tax returns are a few examples of what might be required. Your state may have an online law library that details the rules and requirements. The American Bar Association website also offers guidance about settling an estate — search online for "ABA guidelines for individual executors and trustees."
5. Can you afford to be an executor?
If you live in another state, will you need to travel to the person’s hometown, and if so, how often? Will the estate cover travel expenses?
Crim made repeated trips from her home in Alexandria, Va., to her late parents’ place in Saline, Mich., to deal with paperwork and other tasks. “I fax things all over the country, but I do sometimes have to sign papers and fill out forms with lawyers and financial professionals in Michigan,” she says. The estate will pay for those travel costs. It would be an expensive proposition otherwise, Crim says.
what is executor insurance? |
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