Determine executor bond or compensation requirements

An executor of a will might be required to pay a bond in case he or she handles anything with the estate improperly. Many wills dispense with this requirement if a trusted friend or family member serves in the executor role, but if it is not explicitly done away with, the bond must be paid. It is important to understand if you will have to pay a bond as an executor.

Further, executors are entitled to compensation for the work they do with the estate, but again this can be dispensed with in the will. As an executor, you need to understand if you will be paid for your work with the estate. Of course, all expenses incurred during the final administration of the estate are paid by the estate.