COOK & Associates - Estate Planning Law Firm |
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Frequently Asked Questions for Executors The executor (called a personal representative in some states) is the person named in a will to be in charge of winding up the person's financial affairs after death. Basically, that means taking care of property, paying bills and taxes, and seeing to it that assets are transferred to their new rightful owners. If probate court proceedings are required, as they often are, the executor must handle them or hire a lawyer to do so. No. When it comes time, an executor can accept or decline this responsibility. And someone who agrees to serve can resign at any time. That's why you should name an alternate executor in your will -- a person who can take over from the executor if necessary. If no one is available, the court will appoint someone to step in. The main reason most people serve as an executor is to honor the deceased person's request. But the executor is also entitled to payment. The exact amount is regulated by state law and is affected by factors such as the value of the deceased person's property and what the probate court decides is reasonable under the circumstances. Commonly, close relatives and close friends (especially those who are inheriting a substantial amount anyway) don't charge the estate for their services. Not always. Doing a good job requires persistence and attention to tedious detail, but not necessarily a law degree. Shepherding a case through probate court requires shuffling a lot of papers. In the vast majority of cases, there are no disputes that require a decision by a judge and the executor may never see the inside of a courtroom. It may even be possible to do everything by mail. An executor should definitely consider handling the paperwork without a lawyer if he or she is the main beneficiary, the deceased person's property consists of common kinds of assets (house, bank accounts, insurance), the will seems straightforward, and good self-help materials are at hand. If, however, the estate has many types of property, significant tax liability or potential disputes among inheritors, an executor may want some help. There are two ways for an executor to get help from a lawyer: Hire a lawyer to act as a coach, answering legal questions as they come up. The lawyer might also do some research, look over documents before the executor files them, or prepare an estate tax return. Turn the probate over to the lawyer. If the executor just doesn't want to deal with the probate process, a lawyer can do everything. The lawyer will be paid out of the estate. In most states, lawyers charge by the hour or charge a lump sum. |
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Last Modified: August 15, 2007