What to Consider When Choosing an Executor for Your Illinois Will

 Posted on August 19,2021 in Estate Planning Blog

One of the most important parts of creating a successful estate plan is deciding who will be responsible for carrying out the wishes of your will. This person is known as an “executor.” Even if you think your estate is small, choosing a trustworthy executor is important for ensuring your last wishes are in good hands.

What Does an Executor Do?

Even for a smaller estate, an executor has many responsibilities. It takes about a year to completely settle an average estate, and sometimes it can take much longer. Your executor will file your will with a court to pay off any debt you may have, close all your accounts, hire any necessary experts, and ensure your assets are distributed appropriately.

What Makes Someone a Good Executor?

Because an executor is entrusted with sensitive personal and financial information, not just anyone should be named as an executor. Ideally, an executor should be:

• Willing to Serve as Executor - Before naming someone as your executor, you should check with them and ask if they are willing to undertake such a significant responsibility.

• Not Your Spouse - If your spouse is your executor, and you both pass away in a car accident or other disaster, you no longer have an executor. It is wisest to choose an executor who is not your spouse.

• Trustworthy - Unfortunately, executors are sometimes caught stealing money from an estate. You should be able to trust your executor completely, with matters both big and small.

• Competent - The duties of an executor are substantial and carried out over an extended period of time. Your executor should be able to follow instructions, handle complex paperwork, and manage the responsibilities of an executor along with other responsibilities in their life.

• Free from Addiction - Illinois probate courts can and do reject potential executors who are inappropriate executors due to their use of alcohol or drugs, or gambling.

If you cannot think of someone in your personal life who would make an appropriate executor, you may choose your attorney or even a bank to be an executor of your estate. However, banks often have high executor fees and this is an option best pursued by someone with a large estate.

Contact a Lombard, IL Estate Planning Attorney

At A. Traub & Associates, helping our clients preserve their wishes in their will is one of the most sensitive and important things we do. We can provide advice on all aspects of creating and writing your will and we strive to ensure your desires are clearly and completely expressed. Schedule a consultation with an experienced DuPage County estate planning attorney by giving us a call today at 630-426-0196.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60