Sunday, June 2, 2013

Things to Know About Being an Estate Executor or Administrator

Things to Know About Being an Estate Executor or Administrator - AARP

Life is complicated, but it turns out death is complicated, too.

Winding up the lifelong financial affairs of a deceased loved one often requires generous amounts of patience, free time and organizational smarts. The skills of a sleuth may be needed to uncover assets tucked away or forgotten. And even then, things are sometimes missed.

It's natural to feel honored if a friend or relative asks you to serve as executor, or personal representative, as the position is also called. If the person is near death, the urge to say yes is all the more pressing. But given the complexities of the role, it's crucial that you take it on only if you feel fully capable. Here are a few questions to ask yourself before you do.

1. Do you have the time?

2. Do you have the skills?

3. Do you have the temperament?

4. Do you know the rules?

Next page: Put your financial affairs in order with our estate-planning checklist. »  Click on link

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