Have you ever thought about helping your future with an estate plan? Choosing an executor of your estate doesn’t have to be stressful and overwhelming after all. In fact, an executor is an individual named in your will or appointed by the court. He or she is given legal responsibilities to take care of the remaining financial obligations such as:
. Maintaining the property until the estate is settled.
. Paying relevant taxes on the estate
. Distributing the assets according to the will
. Appearing in court on behalf of the estate
. Paying any bills for the estate.
The finances to handle these duties come from the estate itself. On the other hand, if the will is complex and requires significant court time, the executor can hire a qualified attorney to handle the tasks. That is also at the expense of the estate. Although anyone can act as an executor of an estate, there are some restrictions to this clause at times. Most of the time, spouses, children, and siblings can act as executors of an estate. An executor should be honest, organized and an effective communicator. In fact, distribution of the will can become a mess if the executor lacks any of these qualities.
You should carefully consider the impacts of your decision when choosing an executor of your estate. In fact, family dynamics can play an important part when choosing the executor. The location of the executor is also important when naming the executor of your estate. He or she may have to appear before the court on a regular basis, maintain the property, check email, and perform many other tasks relating to the estate. Hence, he or she should live closer to your estate. In fact, it is helpful to select a person who stands to inherit a significant amount of the property under your estate plan. Self-interest will ensure that the individual take care of the property and maintain it properly. It is important that the person consents to act as an executor of your will and know where the documents are kept.
It is helpful to name alternative executors if the named executor declines the responsibility later on. If you don’t name an alternative executor and the named individual declines the responsibility, the court will name an alternative executor later on. The executor should be more than 18 years of age and not be a felon. Some states restrict the executor from being an out-of-state executor. Hence, you need to check the law in your particular state when naming an executor of your estate.