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Some of the risks executors may face

On Behalf of | May 10, 2022 | Executors & Fiduciaries

People who are in the throes of working on their estate plans have many decisions to make. One of them includes naming executors for their wills. Many would consider it an honour to be asked to be an executor since it means the testator has faith and trust in that individual. However, prior to accepting, the intended executor should be aware of all the responsibilities along with some of the pitfalls that could accompany the position. 

Dealing with eager beneficiaries

An executor should act as quickly as possible to secure the assets of the deceased, since there may be instances when family members could begin to take things from the estate — such as jewellery and antiques — before the executor has time to act. Part of the way to remedy this is to share the deceased’s wishes with the beneficiaries. An executor also has to pay the final bills and taxes from the estate’s assets. 

The amount of time and work involved

Acting as an executor can be rather time-consuming with everything that must be accomplished. There is always the potential of having to track down long-lost relatives of the deceased. Furthermore, there could be instances where legal action is required before an executor can access bank or investment accounts.    

There are many more issues and challenges that executors could potentially face when taking care of the deceased’s financial obligations. It’s worthwhile to be aware of what those challenges may be, either prior to accepting the position, or before it becomes time to act. An experienced lawyer can answer all of one’s questions and concerns before entering into this process and can help guide a client through these sometimes daunting times as well.   

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