How to Choose the Executor of Your Will

 Posted on April 27,2018 in Estate Planning

Being the executor of a will is a serious responsibility. An executor is tasked with managing the estate of a deceased individual and must do so until the estate is legally closed. When choosing the executor of your estate, it is important to select someone who has integrity and is capable of fulfilling the required duties. An estate executor is responsible for paying creditors and taxes and must oversee any legal processes such as a will contest or an estate tax audit. Depending on the circumstances, the job of being an executor can last months or even years. Experts have some advice for those who are ready to choose their executor.

The Importance of Having a Will – Regardless of Age

Recent surveys have shown that a staggering 64 percent of Americans do not have a last will and testament. This is quite surprising because it is one of the most fundamental estate planning tools a person can utilize. A will provides directions for how a deceased person’s property should be managed after death and can also include instructions regarding any minor children the person has. Those who pass away without a will put decisions regarding property, inheritance, guardianship of minor children, and more in the hands of the court.

Although it is unpleasant to think about, none of us is guaranteed to live to old age. Many people think that only those over age 60 need a will, but this is far from true. Every person deserves to have a say in how their estate and children are cared for in the event they pass away. Only legally-binding estate planning documents such as a last will and testament allow you to do this.

Choosing an Executor Wisely

When you are choosing the person who will manage your estate in the event that you pass away, there are several things to consider. Firstly, is the person mentally and emotionally capable of handling the obligations which come with being an executor? Secondly, are they willing to take on this responsibility? Many people choose a close relative to be their executor, but this is not required. Non-relatives such as friends or co-workers can also be executors. An adviser such as a lawyer or accountant, or corporate institution, like a bank or trust company, can also be the executor of a person’s will.

Effective Legal Counsel in Northern Illinois

If you need legal advice regarding your will or trust, the experienced Lombard estate planning attorneys at A. Traub & Associates are ready to help. To schedule a confidential consultation with one of our esteemed attorneys, call 630-426-0196 today.

Sources:

https://www.nytimes.com/2011/03/03/business/retirementspecial/03EXEC.html

https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/