The executor of your Will is the person you appoint to administer and oversee your Will. Your executor is legally and financially responsible for making sure your heirs, beneficiaries receive their property, and creditors receive payment for their debts. Your executor is also responsible for paying any estate taxes on the total value of your estate. Because your executor is responsible for complying with state laws and federal tax laws, you should choose one wisely. Your executor’s fiduciary duties require him or her to be a responsible and trustworthy person. You should appoint an executor who can diligently and quickly probate your will, notify and pay your creditors, file tax returns and pay taxes, and disburse any remaining property to your heirs. If you want to appoint one of your children, make sure you consider personality traits as well as age. If your oldest child is not the most responsible of your children, you may want to consider appointing another child.
Talk to your attorney about appointing an alternate or substitute executor in case your first choice is unavailable or unable to serve as an executor. If you appoint a substitute, your substitute should bear the same traits as your original choice. Will your substitute or alternate be able to handle daily details of your financial affairs and wind up your estate effectively and timely?
- Dont End Up Rich, Famous, and Intestate - July 8, 2020
- The Government Estate Plan for Intestacy - July 6, 2020
- Do Not Forget to Update Your Estate Plan after a Divorce - July 4, 2020
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