If your loved one has passed away, you may be named in the will as the estate executor. If you have been asked by a deceased loved one, called the decedent, to be the executor, it is wise to understand the level of responsibility you will have while serving as an executor. Understanding the responsibility, you will be taking on if you accept the position and grasping the full extent of that responsibility will help you as the probate process unfolds. If you decide that you cannot take on the responsibility of being an executor, you can decline. The probate court will appoint another person to fulfill the role.
Why Would Someone Not Want to Be an Estate Executor?There are several reasons you might not want to be the executor of your friend’s or loved one’s estate. Many people feel torn because they do not want to take on the responsibility of being an executor, but they do want to honor the wishes of their deceased friend or family member. Suppose you do accept the responsibilities of being the executor. In that case, you will have a fiduciary duty to the estate’s beneficiaries. A fiduciary duty is the highest duty imposed on a person by the law. If you breach your fiduciary duty, even unintentionally, you can be held personally liable.
In other words, if something goes wrong during the probate process, you will put yourself at risk of liability. The beneficiaries may be able to bring a lawsuit against you for breaching their fiduciary duty. You may have to pay damages to the beneficiaries using your personal assets. If you do not want to put yourself at risk of liability, you should ensure that you understand your duties as executor so you can fulfill them according to North Carolina law.
What Duties Does an Executor Have?Executors have multiple duties when it comes to managing the deceased individual’s estate. You will need to file for probate in a North Carolina probate court. You also need to obtain a tax ID for the estate, take care of all of the accounting issues, file tax returns for the estate, make a list of the assets and liabilities, and pay creditors of the estate.
Someone may challenge the will or bring another type of legal challenge, extending the probate process for months or even years in some cases. The probate process typically takes a year or less, but it could take longer if the estate is complex or a legal issue arises. If you are a busy professional, have young children, or are otherwise incapable of devoting a significant amount of time to the probate process, you may want to decline acting as an executor.
What if You Decline to Be an Estate Executor?What happens if you evaluate all of the responsibilities you will have as an executor and decline to fulfill the role. If you decide to decline, the probate court will appoint a probate administrator to fulfill the role that you would have had during the probate process. When a friend or loved one named you as executor of his or her state in the last will and testament, this does not mean that you have to become the executor. The court cannot force you to act as executor. It is a choice that you have to make. Many people decline to act as executors because they are concerned that they will not be able to meet all of the fiduciary duties.
Sometimes people are concerned that the probate process will stop if they decline to act as the executor. Instead, the probate process will continue forward without you serving as the executor. The court will appoint someone else who will fulfill the role and keep the probate process moving. If you are unsure whether you would like to serve as an executor, we recommend speaking to an experienced estate planning lawyer.
Contact a Charlotte Probate Lawyer TodayAt Arnold & Smith, PLLC, we can help you understand what your duties and responsibilities will look like going forward. We can also provide you with experienced legal advice about whether you should take on the role. If you decide to act as the executor, we can help guide you through the process and ensure that you fulfill your fiduciary duties and are protected during the process. Contact us today to schedule your free initial consultation.