After deciding who is best suited to serve as your executor, you need to officially ask them to accept the appointment. It’s vital to know the concerns they might have after you bring up the role. This allows you to come to the meeting prepared with answers.
So, what are the top concerns of people asked to serve as an estate’s executor:
The estate’s complexity
When you inform your chosen party that you want them to be your estate’s executor, chances are they will ask how complex the estate is. Naturally, they will want to know how many assets will be under their management, how much time they need to commit to the estate, if they will navigate complex legal and tax requirements and if there is a possibility for disputes.
Prepare a list of your assets and liabilities to help them understand your estate. If it’s complex, inform your chosen executor about the professionals in your team who can make their work more manageable. Further, tell them about the steps you may have taken to eliminate the chances of disputes or contests.
Personal liability exposure
Your chosen executor will likely be concerned about facing personal liability. During your meeting, acknowledge that this is a possibility and highlight the situations that can lead to it. Then, remind them that they can always seek professional guidance.
Immediate responsibilities
Tell your chosen party about the duties they will assume immediately after accepting the role, such as knowing the location of your documents.
Payment
Whether or not they ask about payment, it helps to let your chosen party know how they will get paid.
Serving as an executor involves handling sensitive duties. You should adequately address your chosen executor’s concerns so they can make an informed decision. Once they agree, seek legal guidance to validate the appointment.
