You may consider it an honor to be asked to be an executor of an estate, but you should be warned of the tough task that lies ahead, according to a Wall Street Journal article.
After someone's death, you'll be faced with numerous tasks, and if anything goes wrong, legal repercussions may arise. Also, it's not uncommon for relationships to be adversely affected. If you take on this job, you should be organized and prepared to deal with a lot of red tape.
Sources indicate that incidences of troubled executorships are increasing, with one source calling it an epidemic. The increase could be related to the sour economy, causing a lot of fighting over inheritances.
Keep in mind that the executor has the job of administering the will through probate, and this generally involves the following:
- paying bills;
- accounting for assets; and
- distributing property per the deceased's wishes.
For a midsized estate, this may take up to 2 years, but for larger, more complicated estates, it could take more than 3 years. When heirs challenge the will, you could be thrown amid depositions and court appearances. Ideally, the role of executor isn't a position for amateurs. If you need help, you should speak to an estate planning attorney in Fort Myers.
Help from an Estate Planning Attorney in Fort Myers is Just a Phone Call Away
Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 844-764-5492.