Choosing the correct executor is a critical step in estate planning. And it is no easy task—you need someone trustworthy to carry out your final intentions and ready and competent to distribute assets. So, how do you make a decision? Talk to a San Antonio will planning lawyer today and get the help you deserve.
What does the executor of a will do?
An executor is someone specified in your will or appointed by the court without a will. A personal representative is another term for an executor. They are legally obligated to carry out the will’s contents and administer the dead person’s inheritance. An executor’s typical responsibilities include detectmind:
- Purchasing life insurance plans
- On behalf of the estate, collecting any outstanding obligations owing to the deceased.
- Maintaining property until the estate is established (for example, housekeeping)
- Making an estate tax return
- Filing the final tax returns for the deceased
- Paying the estate’s bills
- Attending probate court to report on the estate
- Property distribution following the will
Your will’s executor communicates with the probate court, lawyers, creditors, and beneficiaries. koiusa
Who should you choose as your executor?
Since most wills are basic, becoming an executor requires minimal legal or financial understanding. It is customary for people to appoint a loved one as executor, such as:
- A sibling
- A spouse
- A close friend
- An adult child
Since the probate procedure involves court hearings and property upkeep, selecting an executor who lives close to the estate/home might be advantageous.
Also, discuss the executor’s job obligations with the person you want to nominate as your executor. The individual must be willing to serve and understand where you keep your bank accounts and key paperwork.
Can your beneficiaries serve as executors?
Choosing an executor among people who will inherit property under the will is normal. Self-interest should guarantee that assets are protected, real estate is maintained, and the probate procedure is completed on time therightmessages.
Family and friends do not have to be the executor.
You may not have friends or surviving family members, or you may not want them to be your executor. You can employ a professional executor, such as a trust company, bank, corporate trustee, CPA, or probate law firm, to handle your estate.
Can you name co-executors?
Yes, but it may complicate matters. When someone selects co-executors, it is often because they are concerned that one person would require assistance handling the obligations or wish to prevent the impression of favoritism. A mother, for example, may appoint both of her adult children as co-executors. The presence of two or more co-executors does not divide obligations or decrease fiduciary duties. The probate responsibilities are entirely the responsibility of each co-executor tvboxbee.