Monday, August 12, 2019
What happens to an estate when no executor has accepted the job?
An eldercare and trust attorney, in a recent newsletter, notes that anyone may serve as an executor of an estate after sixty days from the death of the subject. This situation can occur if no one has agreed to serve as executor before the death of the person. Executors can typically collect about 6% if the value as compensation (on top of what is left to them). Typically a counsel takes up the job and charges for it. It’s about like real estate.
It is also said to be advisable to invite beneficiaries (when they are real persons) to the home of the deceased, if possible, to select personal items, like cookware or garments, in a fair manner.
I don’t have a named executor yet who has accepted (this has been discussed on my Wordpress channels). But this does not seem to be critical.