March 27, 2017

Who you choose to serve as the executor of your personal estate is an important selection. It is one that needs to be made with careful planning and after a consultation with your estate planning lawyer. Unfortunately, executors can make mistakes in the management of your estate and this could add to additional frustration or anxiety for your loved ones after you’ve passed away. 

This is why it is essential to identify someone who is not only comfortable with managing your estate but who will also have the interest to do so. Serving as an estate executor is an important responsibility. Some of the most common mistakes associated with executors include:

• Not understanding the probate process and failing to hire an attorney.
• Having no clear outcome in mind such as settling with heirs, maximizing the estate value, paying off the taxes or getting peace of mind.
• Waiting too long to market your real estate.
• Securing and maintaining real estate without understanding the responsibilities.
• Choosing friends instead of experienced professionals to do the right job such as a probate administration attorney.
• Not submitting paperwork or documents in an appropriate time period.

All of these can have significant ramifications for the beneficiaries of your estate. It is important that the person you select or choose as your executor has confidence in their own abilities to manage it and has the time and interest to do so.