January 16, 2020
Responsibilities and Challenges
Administering an Estate is a demanding process that may take up to 18 months or longer to complete. An Estate is governed by complex rules and inflexible deadlines, requires detailed record keeping, and coordination with attorneys, accountants, financial advisors and other specialists.
If you have been named as an Executor or are considering the choice of Executor for your Estate, you need to understand the process and responsibilities. Failures to meet key deadlines can trigger penalties, delay distributions, jeopardize the ability to make advantageous tax elections, cause discord amongst heirs – any of which may slow and complicate the process.
A Word about Revocable Trusts
A revocable Trust needs to be administered similar to an Estate. If you are the Trustee of a Revocable Trust where someone has died, or you are considering who to name to that role, use this guide and focus on Day 15 and moving forward.