Being named the executor of an estate can be an honor.
This week, Craig Siminski, of CMS Retirement Income Planning, presents an overview showing why it can also be a difficult and time-consuming job:
Being named as the executor of a friend’s or family member’s estate is generally an honor. It means that person has been chosen to handle the financial affairs of the deceased individual and is trusted to help carry out his or her wishes.
Settling an estate, however, can be a difficult and time-consuming job that could take several months to more than a year to complete. Each state has specific laws detailing an executor’s responsibilities and timetables for the performance of certain duties.
If you are asked to serve as an executor, you may want to do some research regarding the legal requirements, the complexity of the particular estate, and the potential time commitment. You should also consider seeking the counsel of experienced legal and tax professionals.
Documents and Details
The executor of an estate (referred to as a personal representative in some states) is named in the deceased’s legal will. If there is no will, there technically can be no executor, but the probate court will …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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