If a testator (someone who drafts a will) wishes to name you as their estate’s executor, you should obtain adequate information before accepting the role. It’s vital to ask them questions about your expected duties and their estate.
Below are four questions to ask:
1. What are my specific duties?
Ask the testator to explain your specific duties – those you need to start immediately after accepting the appointment and those you will perform in the future.
An executor’s duties can be demanding. You want to be well-informed before making any decision.
2. What are the assets and liabilities of the estate?
This question allows you to determine how complex the estate is. Chances are the testator may have a list of their assets and liabilities when they come to the meeting. But if they don’t, request them to make one and share it with you.
Don’t forget to ask about unique assets, such as digital ones (cryptocurrencies, non-fungible tokens (NFTs), intellectual properties, email accounts, loyalty program benefits and so on).
3. Who are the professionals you are working with?
It can be beneficial to know the professionals a testator is working with, as they can help you with your duties. The testator may be working with a financial advisor, a tax professional, a lawyer and an insurance agent, among other professionals.
4. Are there disputes among beneficiaries?
You need to know if the people named in the will have disagreements or if the will’s provisions could result in misunderstandings among them. Knowing this can help you prepare for potential disputes or determine if you are the right fit for the role.
Even though a testator is likely to provide all the details you need during your initial conversation, you should ask questions to make informed decisions. You should also do in-depth research after the meeting.