What to Expect When You're An Executor
Being an executor of an estate can be a time-consuming job especially if the estate is large and complex. The smallest and simplest of estates may take as little as 4 months to probate whereas a larger one could possibly drag on for years. Read on to view some surprising statistics involving the pay, timelines and duties of executors…
The Time an Executor Devotes for the Job
The job of the executor is to manage the administration of a deceased individual’s estate. Time and effort involved often varies, as even an executor of a small estate has many duties that must be performed.
It’s crucial that an executor consults an elder law attorney to determine what should be handled and any deadlines that may surround it. An executor must file for probate if necessary, and wills must be filed with the court. The executor also needs a list or inventory of the deceased one’s assets.
The time an executor devoted to the job can range widely.
- Settling an estate takes an average of 16 months.
- The settlement process requires roughly 570 hours of work.
- The executor’s average pay is $18,000.
Issues That Slow Down the Executor
Certain processes can speed up or slow down the time it takes for an executor to settle an estate. Here are some things that can interfere with settling an estate.
- Debts – The executor must notify known creditors upon the death of the descendent. A notice must also be published in the paper for a certain amount of time before assets can be distributed.
- Location– The location of the executor can affect the speed of settling an estate. If the executor lives in a different state, than there may be more hoops to jump through.
- Assets– The more complicated the assets are the longer it will take for the executor to sort through them.
- Contested estate– If the beneficiaries cannot agree among themselves, then the probate process is going to take significantly longer.
Every estate is different and can require different amounts of time. The best way to avoid lengthy probate or drawn-out estate settlement is to contact Providence, your local elder law attorney. They will make sure to set up the best plan for you.