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Difference between revisions of "Being Asked to Be an Executor"
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Being Asked to Be an Executor (view source)
Revision as of 00:02, 13 February 2016
, 00:02, 13 February 2016→Could I get help from professionals?
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Many executors do the work themselves, while others hire a lawyer or an accountant to do some or all of the work. Typically, executors hire a lawyer to handle any business interests left behind by the will-maker. Most executors hire an accountant to prepare the tax returns; some hire an accountant to prepare the estate accounts. | Many executors do the work themselves, while others hire a lawyer or an accountant to do some or all of the work. Typically, executors hire a lawyer to handle any business interests left behind by the will-maker. Most executors hire an accountant to prepare the tax returns; some hire an accountant to prepare the estate accounts. | ||
Most estates where there is real estate or bank holdings require a legal procedure called '''probate'''. Probate confirms that the will is legally valid and can be acted on. The probate process can be difficult and most executors hire a lawyer to prepare the necessary documents and to guide them through the probate procedure. | Most estates where there is real estate or bank holdings require a legal procedure called [[Probating a Will|'''probate''']]. Probate confirms that the will is legally valid and can be acted on. The probate process can be difficult and most executors hire a lawyer to prepare the necessary documents and to guide them through the probate procedure. | ||
Professional fees are paid out of the estate, as long as they are reasonably incurred. | Professional fees are paid out of the estate, as long as they are reasonably incurred. | ||
