Should I Accept or Renounce the Role of Executor?
The role of Executor is not a simple job to say the least. Society has instilled it in our brains that being named as the Executor of a loved one’s estate is an absolute honor, however there is much more involved than one may think. This begs the question, “But what if I don’t want to be the Executor?!”
Whether the appointment of Executor came as a surprise (I hope not), or you knew you were named as the Executor since the Will was created – you have a choice in whether to act or not when the time comes. Let’s take a deeper look at some of the aspects you should consider before accepting or renouncing the role.
Do you have the time, energy, and availability to take on the role of Executor? If you have a full-time job, kids at home, and a packed schedule this may not be the role for you. Being an executor involves a lot of your time and energy. Between collecting asset information, dealing with the income taxes, and communicating with multiple institutions and the beneficiaries, you may not have enough time in your day to accomplish it all.
Do you have the knowledge and skills required for the complexity of the estate? Think about the details of the estate such as: How many assets are involved and what type of assets? Does the deceased hold Crypto Currencies and you don’t know how to manage that? Was the deceased in debt and had creditors after them? What about the family dynamic - does everyone get along or are you walking into World War Three over a set of teacups? You will want to reflect as to whether or not this role is something you think you can manage with success.
Are you in good health to act? Keep in mind that administering an estate does not happen overnight and is a prolonged process that takes time. It’s always wise to reflect on your age, and consider if the role is a good fit for where you are in life.
Where are you located? Are you in a different Country than the deceased? Being located far away can make it difficult to deal with physical assets such as a home, vehicles, etc.
You will need to carefully consider whether you can and should accept this role. However, you should note that once you decide to act you have officially assumed the job. If being the Executor isn’t for you, you can choose to not accept and renounce your role before you start.
Do you want to learn more about the role of an Executor? Click the link to learn more about our Executor Ready online course! Executor Ready does just that – gets the Executor ready for the role through ten easy-to-digest video modules led by our CEO and Founder Debbie Stanley.
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.