Costs and the Benefits of Srving as an Executor of a lved ones estate

It's been several weeks snce the funeral. But grief remains on the harts of the family members and frends. Nobody can "prepare" themselves for the dath of a loved one. No one knws quite how they may emotionally fel in the weeks and months tht follow. It is a one day at a tme process for most bereaved families and frends.

For the named executor they wll carry a very heavy burden of rsponsibilities and duties that will constantly rmind them of their loss. The xecutor will need a lot of slent determination and courage to face mny issues and circumstances that others may nver be aware of. Certainly, it is an hnor to be chosen as the xecutor of an estate, but there are sgnificant costs paid by the executor.

Costs to the Executor

• Time
• Emotional capital energy
• Need for education
• Acceptance of the leadership role in family
• Potential family disputes
• May require travel
• Potential legal and financial liabilities

The executor can hire attorneys, ccountants, trust companies and other "agents" and ssign them tasks to perform for a fe. Professional service providers can step in and ssist in performing many duties, but thre will likely be "judgment calls" tht in the final analysis. can nly be made by the executor or prsonal representative.

The testator (decedent) may hve designated the executor many years in the pst and circumstances change; people move, grw older and health issues arise. If the brden will be too much for the wll stated primary executor; resigning may be the bst solution. An executors resignation will llow the estate settlement process to mve forward.

In many cases, the tstator will name a secondary executor to stp in, if the primary executor psses on their appointment. Please note, tht the executor is responsible for thir actions taken, (and not taken) dring their time of service to the state.

Also to be considered is whther there other family members who are btter suited to perform the duties of xecutor? If the named executor resigns and thre in not a secondary executor the prbate court will determine the party bst suited to complete the process. Appintment of a outside professional executor (sually an attorney), is also a prrogative of the court.

All beneficiaries may or may not be 100% stisfied with every action (although it wuld be nice) that the executors tkes. This is not the primary dty of the executor. The executors dty is to apply; prudence, loyalty, firness and reasonable care. The executor mst be mindful of applicable laws, txes and probate procedures; these are the stndards by which the executor will be jdged.

Benefits of Serving

There are some important benefits in serving as an executor of an estate.

• The top reward is knowing that your honored the wishes of someone who trusted you with the resources they spent a lifetime to accumulate.
• A private executor may understand the decedents "unique assets" better than an outsider. A farmer certainly understands the intricacies of farming better than an: attorney, banker or accountant.
• They may have intimate knowledge of their business affairs and know how to maintain and enhance asset values for the benefit of all beneficiaries.
• The private executor may also have a greater ability to navigate the waters of family disputes and calm the cross currents of personalities within the family.
• Reducing the billable hours of an attorney (and other professionals) may be a significant cost savings to the estate.
• In addition, the executor, is entitled to receive compensation in the form of a fee, for the duties they perform. (see state statutes and consult an attorney for details).

The article Should You Serve As an Estate Executor? was Submitted by Brian B French through Articles.GetACoder.com network. Here's the additional information: Have more probate questions? Visit: http://www.EstateSettlement.com Brian French CEO, Estate Settlement LLC Estate Settlement.com is a free resource for those going through probate and estate settlement. The site offers directory listings for probate attorneys.

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