Six Things to Consider Before Accepting the Role of an Executor of an Estate

By /

Being asked to be the executor of an estate is a significant responsibility and an honor. However, it’s crucial to carefully consider several factors before accepting this role. Here are six key things to ponder:

1. Professional Liability

If you are already a professional lawyer or financial advisor, consider the potential risk to your practice. Disgruntled heirs may direct their frustrations toward the executor for various reasons, such as dissatisfaction with how the trust was crafted, their compensation, or how the funds were managed post-death. For instance, if an investment portfolio declines in value after the decedent’s death, heirs might blame the executor for not being conservative enough, regardless of past performance. Conversely, the executor is unlikely to receive credit if the estate grows. This role can quickly become a thankless, no-win scenario.

Understanding wills2. Compensation for Non-Professionals

If you are a non-professional, ensure the trust agreement includes provisions for hourly or other forms of compensation. Being an executor is far from a leisurely task; it’s a complex and time-consuming responsibility. It can also be the highest honor given to someone the decedent cared about. I often advise clients to include a clause in their trust allowing the executor to receive compensation for their work. Additionally, an option for the executor to accept or decline this compensation at the time of execution can be beneficial.

Family dynamics3. Knowledge of Family Dynamics

Understanding the family and the nuances of their relationships is vital. If you are aware of potential difficulties with some heirs, it’s advisable to have a conversation with these individuals before accepting the executor role. Alternatively, the plan creator can address these issues before you take on the responsibility.

4. Process Orientation

The duties of an executor involve a series of tasks that need to be completed in a specific order, or often, multiple tasks simultaneously. Being process-oriented and having strong organizational skills is crucial to manage these responsibilities effectively.

5. Financial or Legal Experience

Having financial or legal experience can be highly beneficial. If you lack this expertise, consider whether you are comfortable seeking advice and working closely with financial or legal professionals throughout the process.

Family discussion6. Transparency from the Plan Creator

The plan creator must be willing to share very personal information with you, including passwords, investment accounts, and potentially sensitive secrets. For example, if the decedent had previous marriages or children they want to include in the estate, this could create tension if not communicated clearly. Transparency from the plan creator will help you navigate these challenges and avoid being caught in the middle of family conflicts.

 

By carefully considering these factors, you can make a more informed decision about whether to accept the role of an executor. While it is an honor, it’s also a significant responsibility that requires careful thought and preparation.

 

Ian Goldey, the author of this article, brings over three decades of experience as a private wealth manager, assisting families with their financial planning. He has applied this extensive knowledge, along with his partners to create WhenIDie.com, a digital platform that simplifies the entire process of death planning and more. Try it free for 30- days. Apply this code 2024BLG15 for a 15% discount!

 

Legal Disclaimer

The information provided in this blog is for general informational purposes only and is not intended to be tax, legal, or financial advice. Readers should not act upon this information without seeking professional counsel tailored to their individual circumstances. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties regarding its completeness, accuracy, or current applicability. The use of this blog does not create an attorney-client or accountant-client relationship. For personalized advice, please consult a licensed attorney, tax advisor, or financial professional.

Scroll to Top

Hi (trusted person),

it’s (Plan Creator), and you are getting this (text or email) because you are one of the most influential people in my life and I would like you to be one of my Trusted Individuals “If I Die”. Making sure my family, friends and loved ones are taken care of “When I Die” is being handled by this web-based program I have purchased from a company called Asset Planet. This program is accessible anywhere in the world with Internet connection, and makes a challenging process much easier for those I leave behind.

There is no cost to you as one of my Trusted individuals, but there is a responsibility to possibly activate the program should you be the first to learn about my death. After the activation process has begun you would be part of a team of other Trusted Individuals to maximize how you can collaborate to make my death easier on everyone.

The web-based process is linear and designed by experienced financial professionals who got tired of watching the chaos that often surrounds someone passing. (optional) This need for care is amplified when you are the (matriarch or patriarch) of a family which carries great responsibility and I am very appreciative of our relationship and believe you are one of the best people to help in a time of need. You can access this program from anywhere with an Internet connection and is best viewed with a tablet or larger monitor – vs a phone. There is nothing to break or worry about doing wrong so there is low stress around tech or financial literacy.

All you have to do is remember the websites https://IfIDie.com or https://WhenIDie.com and this program relies on your cell phone text for 2FA verification due to the private nature of the topic. No need for complicated forms or personal information, just your name and phone number.

You must apply and be approved before accessing the agent sale site.

Currently beta testing sign-up for 1st release

Write us if any question

Contact Us

Trusted Individuals – Anybody chosen by a Plan Creator who then accepts the honor to support a friend, colleague, or family member to deliver a positive legacy.  If a Trusted Individual is on multiple plans, they will have a unique dashboard allowing them to log into various plans. Professionals such as lawyers, doctors, and financial advisers are likely to be involved in multiple plans, plus there is always that great friend that multiple people genuinely trust.  Everyone accepting the role of Trusted Individual is incredible, and Asset Planet is here to help when needed.

E-mail /Text Sample accepting role as Trusted Individual

Plan Creator – Each plan is based on a single Creator designed to meet their needs.  Plan Creators can adjust, modify, revoke privileges, and act as the plan’s Super Administrator. Plan Creators are the only ones to lock and unlock features for viewers and other users. Plan Creators are the only ones that can order products or services from within the program. Audio or video messages cannot be altered by anybody other than by the Plan Creator.