When someone sets up a will or estate plan, they name an executor to carry out their wishes once they die. According to Forbes, the executor does what is best for the estate when fulfilling their fiduciary duty. Because of this, it may be a good idea to consider if you want the job of executor when offered.
The executor is usually a friend or relative of the deceased. In some situations, it can also be an accountant, financial institution or attorney.
When you do not want the job
Being an executor can be a big job, particularly when the estate is large. There are times when you may want to say no if someone asks you to handle the management of their estate after they die.
If you live far away from the person and the people who will inherit the estate, it may be hard to execute the will. If you are in poor health or the grief from the death is too much to handle, you may have impaired judgment if you must act as executor.
If the heirs of the estate are likely to cause problems and fights during estate division, it may be something you want to opt out of. If you are a co-executor and disagree with the other executor, it may also be a good idea to pass.
Have the hard conversation
One of the best ways to avoid problems with the executor is to have a hard conversation when drafting the will. Discuss any misgivings or concerns then and review the will regularly and update the executor when necessary.