It’s likely you’ll be asked to serve as a legal representative of an estate at some point. Accepting this responsibility puts you in a fiduciary role with formidable legal, administrative, and tax-related responsibilities. Here’s how to handle them efficiently and effectively, while reducing the risk of legal liability.

Consider this scenario: Your business partner informs you that he’s updating his estate planning documents because of COVID-19 and asks if you’d be willing to serve as his executor. He adds, “If you take this on for me, I’ll do the same for you.” How could you go wrong by accepting what seems like a very reasonable request?

As an executor, you’re held to a high fiduciary standard and must act in the best interest of all beneficiaries to avoid being legally liable. The legal, accounting, and financial complexities involved in accepting this role as a personal representative can be myriad. They vary based on each estate’s...