E184 Why is Being an Executor Difficult? The Statistics

<div class="avia_textblock"> <p>Here are the results of a survey and statistics to illustrate why folks think being an executor is so difficult.</p> <h2>Is being an executor difficult?</h2> <p>The average executor doesn’t think the job is particularly difficult to understand. But, they do think <em>carrying out</em> the role can be difficult.</p> <p><img class="aligncenter wp-image-8564 size-large" src= "https://anthonyspark.com/wp-content/uploads/2020/09/statista-1030x662.png" alt="statista" width="1030" height="662" /></p> <div id="attachment_8564" class="wp-caption aligncenter"> <p id="caption-attachment-8564" class="wp-caption-text">Source: https://www.statista.com/statistics/281604/difficulty-in-being-an-executor-of-an-estate-among-wealthy-americans/</p> </div> <p>Based on a survey by <a href= "https://www.statista.com/statistics/281604/difficulty-in-being-an-executor-of-an-estate-among-wealthy-americans/" target="_blank" rel="noopener noreferrer">Statista</a>, non-professional executors feel the most difficult parts of serving as an executor or trustee of an estate are:</p> <h3>Commitment of time required</h3> <p>Many tasks seem simple, and would be if you were doing them for yourself (closing a bank account, getting financial records, etc.). But many executors realize how difficult those tasks are with an estate.</p> <h3>Insufficient legal or financial knowledge</h3> <p>Yes, you can hire an attorney or CPA to advise on most matters. But what executors really want to know is: what are my chances of getting sued if I make the wrong decision?</p> <h3>Filing tax returns</h3> <p><a href= "https://anthonyspark.com/e155-why-does-probate-take-so-long-tax-clearance/"> Executors must get tax clearance</a>, to avoid being haunted by the IRS later. This can frustratingly take months.</p> <h3>Managing disagreement among heirs</h3> <p>This is particularly awkward and stressful if it’s your own family. Thanksgiving gets even more awkward!</p> <h2>How much time does it take to be an executor?</h2> <p>According to a <a hre