Handling Being an Estate Executor and a Beneficiary
Being the executor of a deceased person's estate and a beneficiary of the deceased can sometimes be an awkward position to be in. But it's not an uncommon occurance.
After cremation as part of the cremation services offered in Rocky Mount, VA, the deceased person's estate and affairs must be settled. Being an executor can be challenging. Not only are you grieving the loss of someone you love and trying to live your own life, but you are also faced with a process that may have 100 or more steps and you're managing the expectations of multiple people who have a stake in the estate.
What makes executing an estate even more difficult is when you are also a beneficiary of the estate. This makes the whole process a whole lot more complex and complicated since the decisions you make on behalf of the estate impact both your inheritance and the inheritances of the other beneficiaries of the estate.
If you are in a position where you are both the beneficiary and the executor of the estate you will want to make sure that these four things are done right. The first thing that you want to do is make sure that you honor the wishes of the person who named you as the executor of the estate. You need to be honest and ethical at all times. Your goal is to deliver the maximum benefit to all the beneficiaries, including yourself. And you want to avoid any legal complications.
Executing an estate can sometimes be a whole lot more complicated than just doing what seems to be the right thing. That's because sometimes the interest of the beneficiaries are at odds with each other.
As an example, beneficiaries may have different needs from each other at the time the estate is executed. One beneficiary may be too young to inherit assets, including a cash bequest, so they may need to have their part of the estate put into a trust that is managed by an adult until they reach adulthood themselves (usually this is 21 years old). Another beneficiary may need cash immediately. A third beneficiary may be planning to invest the cash part of their inheritance to save for future goals.
The financial decisions that you make as the executor of the estate can impact them dramatically. They can affect how much money each person actually receives, when they will receive it, and what tax liability they will have when they receive it. If assets, such as property and financial investments, are to be liquidated for distribution among all the beneficiaries, then that may delay when each person gets their part of the inheritance.
If property and financial investments are going to be liquidated, then that will mean you will also be handling the sale of properties and working with investment managers to turn all of that into cash.
It's wise, in this situation, to get professional help to execute the estate. They will be unbiased in their advice and this will less likely cause friction among the other beneficiaries. Additionally, you will have them as a backup for decisions you make about the estate.
Be open in your communication with all the beneficiaries of the estate. Let them know what you're planning to do, when you're going to do it, and why you're doing it. This can dramatically reduce any potential issues concerning the estate. Let them know that they can have input, but in the end you're going to go with what's best for everyone based on the professional recommendations that you receive. This helps to build consensus among the beneficiaries and prevents hard feelings later on.
For additional information about cremation services in Rocky Mount, VA, our caring and knowledgeable staff at Lynch Conner-Bowman Funeral Home can assist you for immediate need. You can visit our funeral home at 140 Floyd Ave., Rocky Mount, VA, 24151, or you can call us today at (540) 483-5533.
