Am I Qualified To Be the Executor Of an Estate?

One of the things that someone who has developed a will may be asked to do is name an executor of their estate. The executor of the estate has the privileged job of protecting the property of the deceased until debts and taxes have been paid and transferring what is left to the beneficiaries. Being chosen as the executor of an estate is an immense honor, but should not be undertaken unless the person that has been chosen is willing to accept all responsibility.

What qualifies me to be the executor of a will?

The first thing to do when deciding to accept your role as an executor is to find out if you are legally excluded from taking this job. In general, those that have been convicted of a felony are unable to serve in this position. In addition, you will need to determine if you are the right person for the job. You must be able to get along with the beneficiaries of the will and need significant amounts of time to devote to the task, which can take up to one year.

In addition, some things to take into consideration include:

• The size of the estate
• The state's laws on the role of the executor
• Complexity of the financial affairs
• Complexity of the job as a whole
• Personal stake in the inheritance
• Personal factors that may influence how the job is done

Remember, experts can be called into to assist the executor. Financial and legal help can be obtained to help sort through the remaining property and all costs for utilizing these professionals will be taken from the estate.

If you are the executor of an estate and are not comfortable completing this job, don't go through it alone! Even if the will doesn't name an alternate executor, you can get legal counsel through the process.