I recently decided to draft a will and my attorney asked me to name an executor for my will. Should I pick a family member as the executor of my will?
Full Question:
I recently decided to draft a will and I had contacted my attorney for the same. He asked me to name a will executor for my will. I am not sure why I need a will executor and I don’t know whom I can pick as a will executor. I would like to know if family members make good executors or would it better if I picked someone with financial or legal experience.
11/09/2016 |
Category: Wills and Es... » Executors an... |
State: ALL |
#26466
Answer:
Some of the obligations that the person you chose as the executor of your will has to perform are:
- Find the deceased person’s assets, manage the assets.
- Pay off the deceased’s person's debts and taxes first and then distribute what’s left to the inheritors.
- Decide if probate proceedings are needed and file the will in the local probate court regardless of whether or not probate proceedings are needed.
- Set up an estate bank account to hold money that is owed to the deceased person like paychecks, stock dividends etc.
- Use estate funds to pay continuing expenses like utility bills, mortgage payments etc.
- Handle the day to day details like terminating credit cards, notifying governmental agencies etc.
- Finding and contacting the inheritors named in the will.
Serving as the executor of someone's last will and testament is a big responsibility. The executor is in charge of making sure a person's last wishes are granted with regards to the disposition of their property and possessions. Also, the executor of a will has to make sure that any debts and creditors that the deceased had are paid off, and that any remaining money or property is distributed according to their wishes. Therefore, when choosing an executor for your will, it should be someone you trust and is able to handle the responsibility.