For most people, being named the executor (or personal representative) of an estate is an honor. However, the job comes with many unforeseen challenges and obligations. The difficulty of the role generally correlates with the size of the estate.
Whenever someone dies without a will, the rules of intestate succession take over. Nearly every jurisdiction uses these rules to try to emulate what would happen if a will did exist. In most cases, the property owned by the decedent flows down to any of his or her surviving heirs.
If you are familiar with estate law at all, you have probably heard of probate. The overall process is a court-supervised ordeal. The court oversees the itemization and distribution of a decedent's assets to his or her intended heirs.
If you are assuming the role of an estate executor, you have a lot of different tasks to deal with. One of these includes dealing with payable-on-death bank accounts. Many descendants will have certain bank accounts or investments with a payable-on-death designation. Once the owner passes away, the executor may be tasked with assisting the beneficiary in this regard. Learn how this process works according to estate law.
There is a lot of work to be done when you take on the role of executor. Undertaking the responsibility is both time-consuming and mentally exhausting. Even though you may feel it is your duty to perform the role, you may wonder whether there is any financial benefit. This short answer is yes. As an executor, you can receive payment for your efforts. Learn more about how executors may be compensated for their assistance in administering the estate.