Check the typical storage spots

A person should check the deceased’s filing cabinet, desk, closets, safe, garage, glove compartments and even under mattresses.

Check with the deceased’s bank

If a person has searched the most obvious places for the will it may help to think more creatively. A person may want to contact the banks the deceased used to see if they had a safe deposit box there. An heir may also want to look for a safe deposit box key. It’s typically a large key that says, “do not duplicate”.

Does the deceased have an attorney or financial advisor?

An heir may want to look for a business card or letterhead that has the name of an attorney or financial advisor. They can also look through bank records or checkbooks for an attorney’s name. These people may know where the will is located.

The deceased friends may have answers

Checking with the deceased friends may be a good option. They could potentially be the signature witnesses for the will and may know who the attorney was or where the will was stored.

If all else fails, check with the probate court

The will may have been filed with the probate court so checking with them can be a goo idea.

I don’t have enough assets to require a will. If you have any amount of savings and you have loved ones in your life, you need a will. A basic estate plan not only includes a will, but also powers of attorney for financial matters and health care decisions. These may be necessary if you become incapacitated and cannot make these decisions yourself.

My assets will be treated the same whether I have a will or not. If you die without a will, it is known as dying intestate. Your assets will be treated according to the Florida laws of intestate succession. It’s true there are assets that do not pass through your will – those that you own with someone else in joint tenancy, for example. However, the assets that are subject to the state’s laws of intestate succession may not be treated according to your wishes. A will prevents that from occurring.

It’s too expensive to create an estate plan. The cost is not prohibitive when you weigh it against the cost of litigation that may occur if your heirs encounter estate administration disputes.

Estate plans are for people over 50. If you have minor children, an estate plan becomes critically important. Your estate plan will include directions on who you wish to be your child’s guardian. A guardian will have legal rights to care for your child if you and your child’s other parent die or become incapacitated and are unable to perform their parental duties.

Have you used one or more of these excuses? Creating a comprehensive estate plan is one of the most important ways to express how much you care about those you love.

An executor of a will is a person who manages the affairs of a deceased person’s estate. They collect and oversee the distribution of assets during probate, file estate tax returns when necessary and close the estate. But estates can be complex, and the probate process can last for months or even years in extreme cases.

Before you take on the executor’s role, it’s essential to understand the issues that can arise on the job. Here are three surprising challenges of estate planning you should consider before agreeing to be an executor of a will:

1. It eats up a lot of time

As mentioned above, acting as an executor can be time-consuming – especially if the estate is large and complicated. Even if everything goes smoothly, there is still a great deal of time contacting various government agencies, securing all assets and distributing them.

Fortunately, you don’t always have to take on executor duties alone. You may consider enlisting the help of an attorney or CPA to help you navigate the process more efficiently.

2. It could lead to conflicts with heirs

An executor is essentially a messenger for the deceased. Your role is only to secure assets and divide them according to the wishes of the will, but unfortunately, heirs don’t always make this process easy. Death can bring out the worst in families, especially when items of high monetary or sentimental value are involved.

To avoid conflict, try to quickly secure all property and assets and inform the heirs of the deceased that it is the law. Try to be as transparent as possible about the will-writer’s wishes and let heirs know what they can expect.

3. There may be out-of-pocket expenses

While the executor is usually permitted a commission for performing their duties, the amount of the commission is typically determined by the size of the estate. In many cases, you may be asked to waive any commission for your work, especially with smaller estates.

Consider paying any costs associated with the estate from an estate checking account and keep track of any out-of-pocket expenses you make as an executor. The estate may be able to reimburse some of these costs.

Acting as executor is an important job, but it isn’t without challenges. Before you agree to the responsibility, be sure you understand what your duties will entail.