Estate Planning For Peace Of Mind

What are the negative aspects of being an executor?

On Behalf of | Nov 1, 2022 | Probate and Estate Administration |

Being chosen as the executor of a person’s estate often feels like an honor in Texas. Yet, ensuring that the individual’s affairs are handled according to their wishes is often a thankless role that carries with it a fair amount of risk and responsibility.

Personal risk

Managing an estate means that you are financially responsible even if you make an honest mistake. The court would require you to pay it back with your own money, which can be a significant financial burden.

It takes up a lot of your time

As executor, you are required to dedicate a lot of time to managing the person’s affairs. This involves paperwork, meeting with various people and dealing with finances. Often, you have to go to the bank to make sure the accounts are in order. With all of the tasks expected of an executor, it’s up to you to take care of all of them. You can’t give out those tasks to other people. This makes the job very time-consuming.

You might run into disputes with heirs

Heirs rarely know what the job of the executor means, which makes it more likely that disputes may arise. They view you as the obstacle standing between them and their inheritance and might take their frustration out on you as a result. Heirs can even complain to the court if they’re unhappy about the way you’re handling their loved one’s estate.

It doesn’t pay well

Serving as executor of an estate usually doesn’t pay well. If you’re being paid by the hour, you can expect to make less than an employee working in fast food. Otherwise, you receive only a percentage of the estate as your payment. This makes it very low-paying and not worth the trouble for some people.

Being named executor is a huge responsibility. It’s worth learning what’s expected from you before accepting the role.