6 Tips for Estate Executors for Easy Administration

The job of an estate executor is not always a simple one and can be extremely strenuous when dealing with complex estates. The executor must ensure the beneficiaries receive the inheritance they’re entitled to. If executors make significant mistakes in administration, they may face personal liability. In this blog post, we hope to give executors some tips to help them avoid unnecessary complications and administer the estate more seamlessly.

Tip 1: Ask for an Asset List

If the will-writer is still alive, executors should ask them to prepare an asset list to help with estate administration. Accounting for all of the estate assets is one of the first tasks an executor is responsible to undertake. It’s usually quite obvious to the will-writer what assets they own and where they are, however, may not be obvious to the executor. A detailed list of assets can help ensure that administration of an estate gets off to a good start. By outlining what the assets are, what thee approximate value of those assets are and where they are is very helpful. If the executor lacks this information, they often scramble to account for everything that belongs in the estate of the will-writer.

Tip 2: Keep Detailed Notes and Accounts

A big part of the role of an executor is to provide a detailed account of everything that goes into and out of the estate while they are responsible for managing the estate’s assets. It’s best to prepare for this throughout the estate administration process rather than trying to recall all your past transactions at the very end. If any beneficiaries take issue with the detailed account, they can request a passing of accounts, where the executor will have to prove the accounting is legitimate to the courts. Maintaining detailed notes and recordings of all transactions made while acting as the estate administrator is always a best practice. By doing this, the executor can safeguard themselves from personal liability for potential missing estate assets.

Tip 3: Open an Estate Bank Account

A temporary bank account for the sole purpose of managing the estate’s assets (an estate bank account) can be a critical tool for executors to keep track of the estate’s assets and to manage them appropriately. Further, an estate bank account keeps all the estate assets in the same place and prevents joint accounts from creating complications in the administration. Having an estate bank account also helps executors to keep organized and differentiate estate assets from personal assets. For more information, read our blog on estate bank accounts.

Tip 4: Keep the Named Beneficiaries Updated on the Progress of Administration

An executor is responsible to the beneficiaries of the will, and needs to be working to make sure they receive their inheritance properly and in a timely manner. Sometimes, an inheritance has life changing impacts and it’s not uncommon for beneficiaries to become impatient while awaiting their inheritance. This can be frustrating for executors as the beneficiaries start to hound them for updates and ask them to speed up the process, which is often beyond the control of the executor. In other cases, beneficiaries are skeptical of the executor and believe that they are not is mishandling the estate or failing to accurately account for all assets of the estate.

To avoid confusion and frustration, it’s best to keep an open line of communication with beneficiaries, keeping them updated on a regular basis with what’s going on in the administration of the estate. When executors fail to communicate with beneficiaries, often find that beneficiaries become impatient and skeptical of the executor’s ability to administer the estate appropriately.

Tip 5: Be Reasonable and Manage Time Responsibly

Estate administration is by no means a race, and executors should take all the time they need to finish the job properly. However, executors should be mindful that they can’t unduly delay the process for legally invalid reasons. Beneficiaries are entitled to receive their inheritance in a reasonable amount of time and can force executors to take action when they fall victim to the lazy estate (a slow executor). Executors shouldn’t rush because no one will punish them for reasonable delays. Further, the executor’s year protects executors – they have a year to finish administering the estate before beneficiaries can start actions of the complain.

Tip 6: Don’t Be Afraid to Ask For Help in Administration

Just because a will names someone as the sole executor, it doesn’t mean that the executor has to handle everything alone. It’s not uncommon for beneficiaries and family members to lend a helping hand, so don’t be afraid to ask for help. Further, if you need professional assistance, estate lawyers and accountants can provide help with any complex issues that may arise, ensuring appropriate resolution. If you’re an estate executor and need help, contact an experienced estate lawyer today. We can help to ensure that the estate is administered properly and in a timely manner.

Have a question about this topic or a different legal topic? Contact us for a free consultation. Reach us via phone at 250-888-0002, or via email at info@leaguelaw.com.