If a loved one asks you to be their estate’s executor, you don’t need to respond immediately. Request time to obtain adequate information to decide whether or not you accept the appointment.
Below are three things to consider:
The estate’s complexity
Administering an estate can be challenging. Thus, ask your loved one questions about their estate. How large is it? Does it include complicated assets?
Note that even smaller estates can be challenging to handle, especially when beneficiaries are likely to conflict. Hence, obtain more information about the relationship of the beneficiaries.
In addition to talking to your loved one, request to see a copy or draft of the will to know what you are getting yourself into.
Responsibilities
What are your current and future duties as an executor? Being an executor can involve many responsibilities, from being adequately informed about the estate to distributing assets.
Get more information about what is required of you and determine if/how you can perform your duties competently.
Compensation
While compensation may not be the first thing on your mind, you need to consider it. Being an executor can take time – you may find yourself working extra hours. Therefore, ask your loved one about your compensation and how you will cover the expenses you incur while performing your responsibilities.
Risks involved
When you are an executor, you may find yourself dealing with lawsuits. You need to be aware of this factor sooner. Understand the grounds that can lead to such a risk, how you can avoid it and what your loved one is doing to prevent it as well.
It can be a big ask when a loved one wants to appoint you as their estate’s executor. Take time to learn as much as you can before responding.