If someone listed me as the executor of an estate on a will and I don't want the responsibility do I have a way out?

You can’t be compelled to act as an executor. The personal representative of the estate (not always the same) and/or the probate court/judge will appoint someone else.

-Rob

The will should of stated an alternate executor.
If you decline and none is listed. Then the state will execute is my guess.
Why would you decline? Just curious.

quote:

Originally posted by old rugged cross:
The will should of stated an alternate executor.
If you decline and none is listed. Then the state will execute is my guess.
Why would you decline? Just curious.

The amount of debt the estate will owe is overwhelming in comparison to what will be the available assets. It may be way more simple than I imagine just not sure I want the responsibility.

If the debts exceed the estate value, you pay what can be paid and send a death certificate and a letter stating that to each entity that is owed.
That's the end of it; they can't collect what isn't there.

Yes, you cannot be compelled to serve in that capacity. Declining the appointment probably leaves the court free to appoint someone to do the necessary functions (most likely a court-appointed lawyer working for hourly fees plus expenses to be paid before any of the estate expenses are extracted from their clutches).

In the real world, acting as executor (or personal representative) for a deceased's estate is a time-consuming and potentially draining experience. You are not personally responsible for any of the estate's debts, but you will remain as the point of contact for several years after the judge accepts the facts of the probate settlements. Your mailbox will continue to fill with all of the detritus associated with the departed's life and financial concerns. Your phone may continue to ring for interminable months.

Much easier to perform all duties when there is a valid will, much less easy when there is no will to execute.

Final comment: Every state is different, so you need to get your legal advice from a competent attorney instead of from an internet forum.

I served as executor for my sister's estate, debts outweighed assets, named heirs were numerous (some were greedy), she owned a company and substantial real estate. All of the above interconnected in complicated ways. Perhaps the worst experience of my life.

My wife did her dad's estate, he wasn't wealthy, but he was responsible, and there were greedy, entitled relatives. Although onerous, it was a relatively simple and gratifying process.

In both of the above situations, there was some satisfaction in doing for your loved one what they could not do for themselves. Bottom line? Not worth it.

I was listed with my brother as co-executor of my Mother's will.

I got a lawyer to draw up papers that dropped me and gave my brother full rights and privileges as all her stuff was in Alaska and I'm in Arizona. Too far away to take care of it properly.

I went through the same thing with my brother, owed much more than he had. I was the only person that would agree to be the executor, it was a PITA but that's what our mon would have wanted me to do. Lawyers did most of the work. They told me if I didn't do it an executor would have been selected by the county.

It is an honor to be asked, but if you're not comfortable with the responsibility, then don't do it. I've done it twice (father and brother) and it's a fair bit of work, all of which needs to be done by the book and documented.

Assuming you care about the person, if you aren't going to do it, tell them up front so they have time (hopefully) to look around for other options and get that documented.

If nobody steps up, the heirs will petition the appropriate probate court to appoint someone, and they will. However, that someone may not be inexpensive or responsive. So estate planning generally tries to avoid that situation.

Can the executor dip into the bank accounts/trust funds of the deceased for his own benefits?

quote:

Originally posted by saigonsmuggler:
Can the executor dip into the bank accounts/trust funds of the deceased for his own benefits?

Absolutely not! Legitimate expenses incurred in managing the estate are paid from the estate, these may include such things as paying your estate attorney, taxes and tax prep fees, making mortage payments on estate property, etc. If there is money left over after paying the estate's bills, the executor will usually get a fee before the residue is distributed to the heirs. All this is overseen by a probate judge (at least in the States with which I am familiar, in CA it was pretty tightly monitored, in NJ, not so much).

I was the executor for my father and a cousin.
It was a lot of work - getting into bank account(s), determining what was owed and to whom, then paying off the debts. Keeping financial accounts for everything. Dealing with the undertaker, funeral arrangements. Real estate, if owned - clean out, repair and selling. Settle those accounts. Additional complexity if there is a reverse mortgage.
If the money in the estate is less than that owed, as mentioned before, then bills don’t get paid and you choose who that will be. If there is more money than owed, then there are those listed in the will that get a percentage. Sometimes what they get is clearly defined in the will. Sometimes not. A family member feeling “short changed” might never speak to you again.
Do you have other significant challenges going on in your life? Taking on the job of executor might be a bit more than you want. Some of the work can be done by a chosen lawyer. The one my cousin and I worked with (before his passing) charged $275/hr. Included in his billing were my 15 minute phone calls with simple questions. A small estate would/could quickly get consumed by lawyers fees.

My experience was in Pennsylvania. I expect other states do some things differently.

Much to consider.

Did the person not asked you first? That's really odd. And did he/she die already and that's how you found out you're the executor?

There's a standard verbiage for the first Executor that says, "Should xxxx for any reason be unable or unwilling to so serve, I then hereby nominate, constitute and appoint Person B as successor Executor.

If you're person B, I think the same conditions - that you're able and willing applies. If you're neither able or willing, then I guess it goes to probate and the judge will administer the will.

My wife was Executor for her Mom and Dad . She hated it but did it because it was her parent's wish . Her sister and brother were no help at all when my wife needed help with something . It was a stressful time .

When my Mother died she appointed me & my one brother as executors. My brother didn't want to do it, so our lawyer just had him sign a statement to opt out of the "privilege." This was in PA, but I'm sure different states have different laws.

Not enough information here to really say if you want to do this or not.

I'm not a lawyer but have handled this a couple of times for relatives so take this for what it's worth (and talk to a real attorney in the area).

A few things I recall in my state;
State he lived in and are you nearby so it's not a big hassle?
Some things are handled outside of probate by how they are titled.
Here we publish a notice for a month for all debtors and creditors to submit what they owe or are owed. Some or all may not reply and that may change things some what.
Are their other family members involved or available?

Again, unless this is so clearly something you don't want to handle, go pay a wills & estate lawyer in your locality for an hour of their time for a question and answer session with a list so you don't forget something. Also take notes.