Executor’s primary responsibility – Communicating with beneficiaries
Add communicating regularly with beneficiaries to the endless list of things to do as the executor. They will each need a copy of the will and what assets have been left to them if any.
They will most likely want to be kept up to date on funeral plans or even offer to lend a hand. Setting up a group email can inform everyone at once and help save time.
You should not take your responsibility as an estate executor lightly. If you find yourself in a position where you don’t think you’ll be able to fulfill your duties, it’s a good idea to hand it over to someone who can before important deadlines pass.
This is in your best interest as if the entire settlement process isn’t completed promptly, the executor can risk being sued by heirs – especially if errors result in a loss to beneficiaries.
Executors can be held personally responsible for any errors. Suppose you’re the executor of a will and find you cannot financially keep up with expenses. In that case, First Inheritance can offer financial assistance to the beneficiaries until the funds are released from the estate. This can take pressure off of the executor when access to the inheritance funds stall, and alleviate financial stresses for the beneficiaries, which could be needed to finalize the process. No minimum payments are required, and the loan is repaid when the estate settles. Multiple beneficiaries of an estate are eligible to apply.
Contact First Inheritance to learn more and let us help bring you peace of mind during this challenging time.