When should you hire a professional executor?

You’ve just learned you’ve been appointed the executor of someone’s estate – probably someone close to you. Perhaps even family. That means there will usually be emotions involved right from the start – not always the best frame of mind to be in to make important decisions.

So, when does it make good sense to hand the task over to a professional?

1. When you don’t have the time.

Executing an estate takes 570 hours on average to complete. You read that correctly. Between dealing with the funeral, the will, the final tax filings, the distributions, the closing of accounts, the sending of notifications – the job will take up roughly 10 -12 hours a week of your time over the course of a year. Some weeks even more. When you don’t have that kind of time to spare, hiring a professional executor makes perfect sense.

2. When you don’t have the skills.

You’ll be called upon to demonstrate skills in many areas while you execute the estate: Accounting, legal, mediation, sleuthing (many assets are hidden or not declared and you’re going to have to hunt stuff down!). You can find a complete list of responsibilities on our website here. It all requires planning, organization, efficacy in legal and accounting matters, and a relentless dedication to making the deadlines. That might not be up your alley at this time in your life.

3. When the estate is complex.

It’s generally not the size of an estate that prolongs the process, but the complexity of it. There might be shares from other companies, a private business, hidden assets and investments, heirs in different jurisdictions – the more complexity there is, the longer it’s going to take to uncover it all and fulfill the estate closing. Remember 570 hours is just the average.

4. When there’s family or a family business involved.

Family conflict is often an inevitability when estates get closed. If you want your family to be speaking to each other when the dust settles, it pays to have an outside professional tackle the job and handle any disagreements. An impartial third party also brings the added benefit of neutrality to the proceedings, meaning no individual in the family will feel penalized by existing grievances. The executor will always provide fair and unbiased guidance and decisions.

If you have an estate execution in your future that you’re concerned about, think about the value a professional will bring.