Executor or Trustee: Should You Accept the Job?

Do you anticipate taking on the role of an executor or trustee of an ⁠estate⁠? Or perhaps you are planning your estate now: whom should you name for these critical roles?

Listen as your hosts Lou Pierro and Jacob Verchereau delve into the legalities, skills required, and factors to consider when faced with this important decision.

In addition to explaining the difference in duties for an executor and trustee, here’s a sneak peek at what we’ll be discussing:

Skills You’ll Need: the number one quality is time. A son or daughter with a PhD is not necessarily the best choice! The ideal executor or trustee is willing to devote extensive time and fortitude to take on the responsibility of estate administration. Not all estates are settled smoothly: there can be multiple cash and retirement accounts, businesses, properties. Plus challenges and litigation.

Attention to Detail: if the decedent did not prepare a list of assets, the hunt is on to marshal all accounts and appraise the values. Beneficiaries of the estate may also ask – or demand – to know about inheritance, which takes a cool head and meticulous record-keeping.

Tax Filings: There can be extensive financial work on an estate that may include hiring an accountant.

Commissions: the role of executor and trustee can be compensated, and in some cases it’s a substantial amount. Your role will generate income, which is important to understand.⁠

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