When you intend to accomplish your estate planning and to name someone else as your personal representative or your executor, this is an important step in the process to ensure that your wishes are followed. Being recognized as executor by the court is the first and important step towards allowing someone to have the legal authority to make decisions on behalf of the estate.
A simple estate that does not have very many assets, and when all of those assets can be easily found, could be settled in as little as six months. However, if there is a more complicated financial situation, it could take an executor years to resolve it. This often happens when the executor did not realize they would be appointed in this role, or in situations in which the executor has difficulty finding all of the assets.
Taking time to organize your estate in advance can make things much easier for your beneficiaries and your chosen executor. If you have not yet named an executor but want to ensure that someone you select has been chosen for this important role, it is critical to consult with an experienced and knowledgeable estate planning lawyer as soon as possible.
Many executors don’t realize the scope of the work involved. Executors are entitled to receive compensation for the work they put in, so it’s important this person knows to track the efforts they’ve made from day one as part of a person’s estate.
An attorney can help you walk through some of the most important questions to ask when you’re thinking about who to name as an executor. Who you name has important impacts for your heirs, so make sure person is capable and willing of serving in that role.