If you're an executor, don't delay probate or you'll face court delays and setbacks. Don't distribute cash early either, or you won't have enough left for debts, taxes, fees, and appraisals, and may have to force asset sales or ask for money back.
Oh, you've been named executor of a will. Congratulations! As with any other proceeding in public court, it may go very smoothly or it may be a wild ride. You can find a lot of information on what to do as an executor. I'm going to tell you what not to do. The first thing you don't want to do is delay. Let's say you got a list of 30 things you need to do and it takes you 2 weeks to do each one. You're going to be in probate court for a long time. There will be plenty of delays that you cannot control, so do everything with a sense of urgency. Number 2, don't pay out the cash too early. Let's say there's an account with $100,000 in it. All the kids want to split that cash up immediately. And if you're the executor, they're all going to be coming to you with their stories about how they need that cash right now. But when you split all the cash up early, that means there's nothing left later for debts, taxes, appraisals, attorney's fees, and on and on and on. Then you have to end up selling assets that you didn't want to sell or having to ask for the money back. Good luck with that.
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