When you consent to assume the role of executor for a loved one’s will, it falls to you to oversee matters of that person’s estate when they ultimately pass away. While an executor’s duties always entail significant commitment, the process is generally smooth and straightforward in most cases.
If you find yourself assuming the role of executor for a particularly large estate, however, you might encounter unique challenges and complications. Knowing what you should expect as the executor of a large estate will ensure that you approach the matter with the right mindset when the time comes.
Numerous assets and debts to inventory
It is easier to report and distribute the testator’s estate if they leave behind a list of assets, debts, financial accounts and any liabilities. Otherwise, it falls solely on you to take inventory of the entire estate as part of the probate process. The larger the deceased’s estate, the longer and more complicated this task becomes
Potential conflict within the family
There is often more on the line for the beneficiaries of the deceased’s will when dealing with a larger estate. As the executor, it is important to meet with the family and be communicative throughout the entire process. Be aware also that if conflict does occur regarding inheritance or other matters surrounding the will, it falls to the executor to guide the situation to a fair and amicable conclusion.
Assuming the role of executor is always a sizeable responsibility, all the more so if you are overseeing a particularly large estate. You can facilitate a smoother transition for the family by discussing your executor duties with the testator beforehand and making preparations ahead of time if you still have the chance to do so.