Selecting an Executor for Your Estate

 Posted on February 15,2017 in Estate Planning

Estate planning is arguably one of the most important things a person will do during their entire life, and as such, everything matters. The slightest discrepancy may be attacked, and your wishes may not be honored if your estate is not set up and administered properly. Perhaps the most important choice you must make while estate planning is picking your executor, who can ensure that your wishes are carried out as you prefer and act on your behalf.

Responsibilities of an Executor

A person who has been named an executor in Illinois has 30 days following the death of the testator in which to either submit the will for probate or refuse the appointment. The responsibility of managing another’s estate is a heavy one, and, as such, it is important to pick the right person. The instinct for many is to choose their spouse, but this is not always the best choice, especially if you are of similar ages and he or she may be older and/or ill when the time comes for them to assume the role. Who you choose must be able to fulfill all of the duties of the executor including:

• Informing the relevant authorities and your creditors of your passing, and in some instances, your family;
• Paying and collecting any outstanding debts incurred in your lifetime by you or your estate;
• Ensuring your spouse’s or family’s well-being until the estate is settled (i.e. paying rent or mortgage payments, bills, etc.);
• Paying estate taxes;
• Hiring the right attorney to help probate the estate; and
• Dealing with any questions or concerns of putative beneficiaries during the process.

Generally speaking, an executor has a fiduciary duty to act appropriately toward all involved parties while safeguarding the assets of the estate.

Who Can Serve as Executor?

An executor has responsibilities that can last years and be quite complex in nature. Illinois, like many other states, does have restrictions on who may serve, though there are not as many as there are elsewhere. To serve as an executor, a person must be over the age of 18, a U.S. resident (not necessarily a citizen), and they must not have been judged to be incapacitated in any way by a court. They must also be free of any condition that would require guardianship.

It is recommended that you choose an executor who lives near you, but it is not absolutely required. However, you should be aware that if you do choose an out-of-state executor, they may be asked to post a bond by the probate court, so as to increase the chances of their successful oversight of the estate.

A DuPage County Attorney Can Help

If you are confused or conflicted about who to choose as your executor, it is a common state of affairs. The best solution for most is to consult an experienced estate planning attorney. Our experienced Lombard estate planning lawyers will help you make what can be a difficult choice and ensure that you are satisfied. Contact our offices today to set up an appointment.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2104&ChapterID=60&SeqStart=7200000&SeqEnd=9400000

http://ilga.gov/legislation/ilcs/documents/075500050K6-13.htm