When people think about estate planning, the will often gets the most attention. Truthfully, though, it’s not always the most important document in your plan, because it won’t take effect until after you are gone. What is critical, however, is the person you select to carry out your final wishes because choosing the right Executor can make the difference between a smooth administration and a stressful, drawn-out process for your loved ones. Continue reading for more information and discuss your estate plan with an experienced Sussex County will lawyer today.
What is an Executor?
An executor is the person named in a will responsible for carrying out the wishes of the person who wrote it (called the testator). The executor’s main role is to ensure that the testator’s assets are distributed according to the will and that all financial and legal tasks are accomplished properly.
An executor’s responsibilities generally include the following.
- Filing the will with the probate court
- Notifying beneficiaries and heirs
- Paying debts and taxes owed by the estate
- Managing and protecting assets during the probate process
- Distributing assets to beneficiaries as the testator wishes
- Handling legal and financial paperwork
Picking the right individual to act as your executor is crucial in protecting your estate and your beneficiaries’ rights.
How Do I Choose an Executor?
Choosing the right executor for your will is important in ensuring your estate is protected and your wishes are carried out accurately. First, you must understand the eligibility requirements. Anyone can be an executor, given that they are at least 18 years of age and of sound mind. The court will appoint the chosen executor, given that they meet these requirements and that it is not determined that they are otherwise unsuitable for the position.
There are several factors to consider when making this decision.
- The trust you have in the individual to access your financial accounts and sensitive information, as well as act in accordance with your wishes
- Whether the individual is organized and detail-oriented
- Whether the individual will be emotionally able to handle the responsibility of being an executor after you have passed
- Whether they have the time or live in a location that allows them to handle the necessary tasks
- Whether they have financial or legal experience, or are competent enough to settle your affairs
- The individual’s age and health
When choosing an executor, many people go with a close friend or relative. However, there are professional options as well, like a trusted attorney, accountant, or even a financial institution.
If you have questions or concerns about your estate plan, reach out to an experienced attorney at Laddey Clark & Ryan, LLP to discuss your situation today.
