What should I consider before deciding whether to act as an executor?
There are many things to consider before deciding to act as an executor including:
- The potential for personal liability for failure to fulfill any of your duties and responsibilities as an executor,
- How long your duties as the executor will last, whether there are ongoing trusts that you will need to manage for the deceased person’s children or grandchildren until they become adults or even beyond that,
- The nature and complexity of the deceased’s assets and whether you have the necessary skills to deal with them, keeping in mind that you can retain professionals to help you with these matters,
- Any conflicts that may arise that you are not prepared to deal with, such as family disputes,
- The amount of the fees you may receive for acting as executor.