The Potential Downsides of Being an Executor
Being named as the executor of your friend or family member’s South Carolina will may seem like an honor. However, there are many potential drawbacks performing that role. This may be especially true if you are asked to oversee an estate alongside a sibling or other family members.
The Potential Drawbacks to Working with Other Executors
It isn’t uncommon for parents to name all of their children as representatives of their estates. However, it may take a lot of patience and coordination to work as part of a team of estate representatives. This is because a sibling may live out of state or simply not have the ability to follow directions or manage his or her time.
If possible, ask the other executors to step away from their roles so that you can act as the sole representative. Alternatively, you can waive your appointment in favor of others who have been named.
Probate Can Take up A Lot of Your Time
As an estate representative, you will be required to contact the IRS, state tax authorities and other government organizations to let them know that your friend or loved one has died. It may also be necessary to claim death benefits or collect other funds that the estate may have a right to receive. To save time, it may be a good idea to work with a CPA or an attorney.
A probate litigation attorney may be a valuable resource for those who need assistance settling a friend or family member’s affairs. Counsel may be able to review a will or other legal challenge to determine if it is a valid claim.