Being the Executor or Administrator of an Estate carries many responsibilities.

Therefore, before agreeing to the work, it's important to understand its obligations and potential liabilities.

Responsibilities

• Organization and meticulous document record keeping


• Patience because it may take substantial time, possibly many months or over a year


• Learning the details of the deceased's financial and legal history


• Effectively communicate to manage conflicts between surviving family members, Heirs and Beneficiaries should any disputes arise

Liabilities

• Legal responsibility to oversee and care for the deceased's property and Assets and therefore can be held personally responsibility for its well being


• Held liable for any type of mismanagement, carelessness, recklessness, or self-dealing, that results in a loss of value to the Estate


• Examples of mismanagement include not filing taxes on time, not paying all of the deceased's debts, favoring one Beneficiary over another, allowing property to deteriorate, etc

Compensation

• Administrators and Executors may be compensated for their work and are paid by the Estate


• The amount provided may either be identified in a Will or dictated by state law; however, it is typically based on the size of the Estate


• Accepting payment is completely up to the Administrator or Executor; in some case, due to tax implications, it may not make sense to take payment if they are also to receive Inheritance because Executor payment is taxable income and inherited money is not

Note: any person, whether named a Will or appointed by a court, can decline the role; no one can be forced to take it on.

Review the links below to find out more information about the responsibilities of the Executor and Administrator role.

Probate can be complicated and overwhelming, so it may be helpful to hire an attorney or accountant; see links below to search for local Probate Attorneys and accountants for hire.