Choosing the Right Executor for Your Will
Posted on November 21, 2022 by shieldsandboris
Most people know that it's essential to have a will as a part of a complete estate plan. A necessary part of the planning process is selecting the right executor.
Nailing this decision will help ensure prompt, accurate distribution of your possessions without family friction. When you choose an executor, you are putting this person or institution in charge of administering your estate and carrying out your final wishes.
What are the Executor's responsibilities?
The person you choose to be your executor will have a number of responsibilities that include:
- Filing out court papers to start the probate process. This is generally required by law to determine if the will is genuine and properly executed.
- Take inventory - note everything in the estate
- Using the funds from the estate to pay bills, taxes, funeral costs.
- Terminating credit cards, notifying banks, post offices, Social Security, etc.
- Filing and preparing final income tax returns.
- Distributing the assets in the will to the beneficiaries that named in the will.
Given that the executor is responsible for all these duties, he or she should be honest, dependable, well-organized, and good with paperwork. The person you should also be very good at meeting deadlines and keeping track of dates.
Choosing the right person
Many people assume that an executor should be a family member, usually an adult child or spouse. However, if you do not have an obvious choice of a family member in mind, you may want to ask a close friend. Be sure to choose someone in good health or younger than you who will be around likely longer than you will be.
You can also choose a third-party executor--a bank, trust company, or another professional who deals with estates. A third-party executor is usually the last resort if you do not feel comfortable with family being in charge of these duties.
Keep in mind that if your executor of choice lives in another state, you will need to check your own state’s law to see any special requirements. It's important to speak to an estate planning attorney in the jurisdiction where your will is written and will be admitted to probate.
Clear it with the future Executor before making it official
You should always make sure that the person you want to be your executor is up for the task. Do not name anyone as your executor without making sure it is okay with them first. You will also want to make sure that you go over any less than obvious details that are in your will as well as where you keep all your important papers and financial information. This will make it easier for them to do their job when the time comes.
If you're not sure whom to choose as the executor of your estate, we specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help you and your family.
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