As the executor of a will, you won't rest until you have done everything required of you.
While the probate process can be complex at times, not to mention stressful, you need to know which steps you can take to clear the air.
When you are familiar with the toughest duties facing executors, you can plan accordingly for each one. This alone will allow you to better understand what the future could bring, as well as how to handle any challenges that could come your way.
Some of the toughest duties facing an executor include:
- Time commitment
- Knowledge of the records and information you will access
- Financial knowledge to make the right decisions
- The management of disagreements among heirs
- Filing tax returns
- Paying bills and settling any debts that remain
- Distributing assets as outlined by the estate plan
- Calculating the value of assets
- Lack of compensation for the time and money spent on the process
As you can see, there are many things that can stand in your way as the probate process unfolds. This doesn't mean there is no solution to these problems. It simply means that you need deal with anything and everything that comes your way.
You should never go into the probate process assuming that it will go as planned. Even if you have a firm grasp of the situation, there will be challenges that make you scratch your head and wonder what to do next.
Make sure you are organized and on the ball from the start. It's not always easy to do when a loved one passes on, but it will help you stay sane during this difficult time.
When you combine your strategy with the help of outside professionals, it's much easier to deal with all of the duties that you face as an executor. It may be challenging, but you'll make it through to the end if you continue to push forward.