Has Someone Nominated You to Be the Executor of Their Estate?
If someone has named you as the executor of his or her Estate, there are many considerations you should think about prior to accepting that appointment. Among them are:
- Is the Estate going to involve contentious parties? Are the heirs and beneficiaries on the same page as the matter moves forward? This, more than most any other item, should be a point of concern for you before accepting the nomination to be executor. As the nominated executor, you may retain counsel to assist you in offering the will to the probate court and defending the validity of the Will if it is challenged.
- How much time do you have to devote to handling estate matters? If the will is challenged, the litigation can take substantial time of yours and involve substantial financial resources from the Estate. As the nominated executor, you will be paid a fee for your time. Although it is not an exact calculation, you will be entitled to approximately 5% of the value of the assets in the estate as compensation for being the executor. You also can pay all attorney fees from the estate if your hire an attorney to assist you with the administration of the estate.
- Are you a beneficiary under the Will in addition to being the nominated executor? If you are a beneficiary under the Will, you must take extraordinary care to make sure that all of your actions are fair and equitable. Under Georgia law, you must make sure that where discretion is allowed, that you err on the side of benefiting the other beneficiaries rather than yourself. This is so even if all of you are to be treated equally. This normally arises in distributing tangible assets such as household items and mementos. Also, selling homes or cars to yourself or your immediate family can cause great concern if all beneficiaries do not agree with your decision or the price you have placed on the item. You can ask the court for approval before selling items if all beneficiaries do not agree.
If you have been nominated as the executor of a will, please call us at 770-469-887 to schedule an appointment to insure you are handling things properly. We work throughout the State of Georgia to insure that executors handle their duties properly. Remember, if you misstep, you may be personally liable for the money you cost the estate or a beneficiary.