The financial stakes can be high, and there may be deadlines that pile on the pressure.
When a loved one who was financially comfortable passes away, there will most likely be tax issues. You may be the heir responsible for dealing with them, and major bucks could be in play. In three earlier columns, I explored the potential tax considerations. See here, here and here.What is the role of the executor? When a loved one passes away, someone must take on the job of winding up the financial aspects of the estate.
Do you need a professional executor? Maybe. If the decedent was wealthy with complicated financial affairs, hiring a professional executor might be a good idea for that reason alone. It takes some of the heat off you. Executors need to embrace a ‘project management’ mentality In the “financially comfortable decedent” scenario, the financial aspects of winding up the estate and all the ancillary tasks can involve lots of time-consuming work. The dollar stakes can be high, and there may be deadlines that pile on the pressure. So you must stay focused, set priorities, and stick to them. In other words, you’re in the project management mode, and some folks are better at project management than others.
Thankfully, some assets can be passed to the rightful heirs and beneficiaries without going through probate. Examples include real property owned as joint tenants with right of survivorship , life insurance death benefits if the decedent designated policy beneficiaries, and retirement accounts if the decedent designated beneficiaries for the accounts.
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