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What exactly is an executor’s role?

On Behalf of | Oct 15, 2021 | Estate Planning

Most people know that, when they are asked to be the executor of someone’s estate, it means the person has great faith in them. When a Colorado resident sits down to begin estate planning, he or she puts great thought into who will oversee his or her last wishes. For some people, it is an honor to be asked to administer an estate; however, this task may not be so easy since it can be time-consuming and sometimes frustrating, and the person really should have some sort of business acumen.

Preparing properly

Those considering accepting the responsibility need to do some investigating about what being an executor really entails. Here are some questions to think about before saying yes to this very important role:

  • Is the estate very complex? Are there assets that are difficult to value? Would the skill of a professional be more appropriate?
  • Is the estate plan complicated? Are there challenging stipulations that might be difficult to enforce?
  • Are any beneficiaries likely to cause problems? Would the testator have an honest discussion with them?
  • What condition is the estate in? Will the testator accept help to organize documents, like creating a list of assets and debts?
  • Will doing this job impede family obligations?
  • Does the potential executor intend to accept payment for services as executor?
  • Is there anything in the estate plan that makes a possible executor uncomfortable or not able to deal with the task effectively?

Not everyone is right for this important job. A candidate has to do some self-evaluation before taking on the role. To become clearer on what exactly an executor does, it might be a good idea to speak with a Colorado attorney who has experience in estate planning and estate administration legalities. Getting advice may help a person to better decide whether or not to accept this serious and honorable role.