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Has someone asked you to be an estate executor?

On Behalf of | Aug 7, 2020 | Estate Planning

You’ve always considered yourself a helpful person and one who enjoys assisting others in need. Maybe it goes all the way to back to your youth, when people knew they could count on you to volunteer or help if they asked for your assistance. Sometimes, it’s not a good idea to automatically say “yes” if someone asks you to do something. For instance, if a person asks you to be the executor of his or her Nevada estate, it’s better to carefully consider all implications before agreeing to do so.

Especially if you don’t really know that much about being an executor. What would your duties be, and how would you carry them out? There are several things to keep in mind when deciding whether to agree to administer someone’s estate. If you do agree to the request, it’s critical that you know where to seek legal support if the need arises.

Executor duties might be complex and can take a lot of time

There’s a lot more to fulfilling the role of estate executor than looking over a person’s will and saying who gets what. As an executor, you are basically responsible for making sure the testator’s final wishes are carried out according to his or her specifications. This may undoubtedly include financial matters but also final arrangements and other issues as well.

It is typically true that larger estates may be more complex, simply because there may be more property, assets, possessions and beneficiaries involved. And don’t forget about taxes. The estate of a person of substantial means might have significant tax implications.

Your duties don’t just begin after the owner’s death

If someone asks you to be executor of his or her estate, he or she is basically asking you to begin carrying out your duties right away. There’s a lot to being an executor. For instance, you need to learn how to gain access to important documents, such as bank account information or tax forms. You need to know all about the testator’s assets and liabilities.

You should also know contact information for key figures who may act as representative or agent of the testator. Such people might include an attorney, a financial adviser or a physician. An executor usually receives compensation from the estate once his or her duties are fulfilled. It is not uncommon for legal issues to arise among beneficiaries or heirs, which is another reason it pays to know where to seek immediate support if you agree to act as executor of someone’s estate.