How to Avoid Common Missteps When You’re Executing an Estate

When someone names you as the executor of their estate, it’s a meaningful act. It means they trust you to take care of all their worldly possessions and make sure their last wishes are granted. Bestowing you with this role speaks volumes—telling you that the individual believed wholeheartedly in your management abilities and overall decision-making. They chose you for a reason.

Most people are proud to be named the executor of an estate and honored to take on this responsibility. But what they often find out when it comes time to assume the role is that it’s much harder and more involved than they initially thought. While there’s no professional requirements to be the executor of an estate (you don’t have to be a legal or financial expert), there is a lot of knowledge of laws, processes, and forms required to get the job done effectively.

Many estate executors quickly realize they need help from a professional who’s been through this process before—especially when it comes to more complex estates with a lot of assets. While almost everyone taking on the role of executor goes into it wanting to do right by their loved one and make the best decisions, many just find it to be too confusing or overwhelming. Without the right legal and financial guidance during estate administration, it’s easy to make mistakes.

The resource below includes a list of some common mistakes estate executors often make, along with some tips on how you can avoid them. These common mistakes include:

● Distributing estate money to family members before taxes and liabilities are paid

● Making no attempt to “advertise” the estate so claims from creditors can be placed

● Hurting the value of the estate by not keeping an eye on stocks or other investments

When you’re tasked with the important and meaningful job of executing an estate, you should strongly consider consulting with a financial or legal professional to protect the estate and yourself. Sometimes doing the best job means having the right people on your side to give you the experience and knowledge you need to carry out your loved one’s wishes.


The material contained herein is for informational purposes only and is not intended to provide specific advice or recommendations for any individual nor does it take into account the particular investment objectives, financial situation or needs of individual investors. Any tax advice contained herein is of a general nature and is not intended for public dissemination. Further, you should seek specific tax advice from your tax professional before pursuing any idea contemplated herein. This advice is being provided solely as an incidental service to our business as insurance professionals and investment advisors.

Neither Wealth Impact Partners, Valmark Securities nor its affiliates and/or its employees/agents/registered representatives offer legal or tax advice. Please seek independent advice, specific to your situation, from a qualified legal/tax professional.

Securities offered through Valmark Securities, Inc. Member FINRA/SIPC. Investment advisory services offered through Valmark Advisers, Inc., a SEC Registered Investment Advisor. 130 Springside Drive, Suite 300 Akron, Ohio 44333. (800) 765-5201. Wealth Impact Partners is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. BSW Inner Circle and AES Nation LLC are separate entities from Valmark Securities and Valmark Advisors.

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