Does being an execitor cost you money?

LILLYBET

I was an executor 5 years ago for an old relative. She left ALL to my OH but we had to sort out the estate of course. It was not difficult but time consuming. Dont be afraid of this. Feel honoured that your Bro has asked but do talk to him. Tell him gently that if he wants specific things to happen then you need all the help you can get from him..He will surely understand that. Please do it for him hr obviously trusts you. Dont think of it as debt - it is closure.
Keep every thing - you may need it. Bills, papers, receipts, anything you can think of. It all helps but takes time if things are muddled.
We arranged the funeral for Aunt and told the F.Firectors we would pay when the estate was settled. They were very patient...Same with the Hotel where we went after the funeral. Just examples of what may happen! We paid everything from the estate even if it meant people had to wait. We did not have inheritance tax to pay thankfully.
It was just a long sorting out process for us. No solicitors involved until we sold the house of course. Solicitors charge and can make sorting estates out complicated.
Dont worry that you may have debts - this may help you sort yourself out at the same time. You dont get credit scored for being an executor.
TIPS :On a practical but sad note - get several of copies of the death certificate. Everyone seems to need one and not all accept photocopies.
Also when the death is registered the Registrar should give you information that will help you in all sorts of ways.
Also, dont let the water get muddied by allowing others who are NOT executors, get involved. Dont hand over tasks to others. Ask for help but dont let them deal with the business. That is your job. I know what a well meaning but selfish relative can do to scupper things if allowed.
Chin up.

LILLYBET

sorry, I forgot to say, if you incur any costs as a result of being the executor then you are reimbursed from the estate.