E200 Why You Can Feel Safe Hiring an Executor

<p>Instead of appointing a family member to administer an estate, you can hire a professional executor. We often get asked if this is a safe and better route. In a recent case, Sean contacted us to discuss this option. In his particular situation, he is from a blended family. His mother died and she is survived by three adult kids and a stepfather who was separated from his mother for a long time before her death. In his case, he is facing some possible trust issues. For example, the family could tentatively agree to equal shares, but the stepfather could claim full spousal status and kids could try to <a href= "https://codes.findlaw.com/ny/estates-powers-and-trusts-law/ept-sect-5-1-2.html" target="_blank" rel="noopener">disqualify the stepdad</a> (there is certainly an argument that he is not a spouse).</p> <p>If the stepfather acts as the executor, the children may not be completely trusting. Similarly, if the children are the executors, the stepfather may have trust issues. With this complex family dynamic, an independent professional executor makes tons of sense. However, some of the heirs in Sean’s case were a bit concerned about handing over the reins and control of the entire estate to a stranger. Being apprehensive is completely understandable, but here’s why it still makes the most sense.</p> <h2>What is an Estate Accounting?</h2> <p><img class="aligncenter size-medium wp-image-9323" src= "https://anthonyspark.com/wp-content/uploads/2021/01/What-is-an-estate-accounting-300x230.jpeg" alt="What is an Estate Accounting?" width="300" height="230" /></p> <p>A professional executor will file a full accounting to close the estate. An accounting is an official record of all books. Everyone gets to see line by line every single dollar and cent that came in and went out of the estate. We are talking full transparency and disclosure. Every heir will get to see everything that happened without any questions. It’s all there in black and white. Professional executors do this not only to put everyone’s mind at ease, bu