Settling An Estate
Executor or Trustee?
When someone passes away, their affairs (i.e., their estate) must be settled (assets collected, debts paid off, distributions made, etc.). Depending on a variety of factors, the person responsible for settling these affairs may be known as a personal representative, administrator, trustee, etc.
An executor and a trustee are distinct roles involved in the management and distribution of assets in the context of an individual's estate, although it is not unusual for the same person to be named to both roles.
Serving as an estate executor can be challenging, and for many of us, it will be the first (and only) time we do it.
If you have been named executor/trustee for someone, it can be a daunting undertaking. It's important to note that the role of an executor can be complex and time-consuming. It takes an average of 16 months and hundreds of hours to settle an estate. Seeking professional advice from a lawyer or estate planner is highly recommended to ensure that all legal requirements are met and the estate is settled appropriately. Communication with beneficiaries throughout the process is key to maintaining transparency and avoiding potential conflicts.
If you are managing a less complex estate or wish to handle the responsibilities on your own, there is a program that will walk you through the process.
EstateExec makes the executor process easy, from understanding your responsibilities, to tracking debt payments and asset distributions. It also includes discount coupons for related third-party services. EstateExec will save you time, money, and possibly your family relationships. If you have engaged a lawyer, this program will still benefit you as you still have to do a lot of work yourself. EstateExec makes it easier to organize estate assets and debts, track expenses, manage distributions, and even coordinate with your lawyer.
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