How much do you know about your upcoming role as executor? If you do not have experience with the administration of an estate, you may feel overwhelmed.
Fortunately, there are steps to take that will keep your tasks as executor running smoothly. One of those is knowing when to ask for help.
Keep in mind that serving as the executor of an estate means that you are legally liable for your actions. Therefore, begin by understanding the rules and regulations. To do your job successfully, you must follow the instructions of the court.
The settling of an estate involves a great deal of paperwork. You will pay bills and file taxes on behalf of the decedent among other responsibilities. The more assets there are, the more paperwork there is. Make lists. Develop a filing system. Resolve to stay organized and your work will go more smoothly.
Take your time
It is important not to rush through the job before you. Take your time and make sure you are completing each task at the right time in the process.
Update the beneficiaries
Beneficiaries can become anxious and difficult to deal with if too much time passes without word from the executor of the estate. Maintain regular communication. Provide beneficiaries with updates as you complete each major step in the administration process.
Request professional help
Remember that you do not have to manage estate administration alone. When you have questions or face a sticking point, ask for help from professionals such as an accountant or a financial advisor. Also, it is important for you to rely on the expertise of an attorney who can help you tackle problems and keep you from making legal missteps as you fulfill your role as executor.