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Jasper L. Edwards
An executor is a person or company, whom you appoint in
your will to distribute your estate after your death. In most states, you can appoint more than one
executor.
The main responsibilities of an executor
include:
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Collecting all of the assets of your estate
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Valuing your estate
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Filing for a grant of probate
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Ensuring that all your bills, debts, funeral expenses and
inheritance taxes are paid using the money from your estate
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Distributing the remainder of your property in accordance with your
will
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Maintaining a record of your wishes and distributing any estate
accounts to the beneficiaries
How to Appoint an Executor to Your
Will
The person you appoint to serve as the executor of your
will should be ethical and responsible. He or she must also be willing to do the job. In addition,
they should also be:
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Honest and trustworthy
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Capable of handling the responsibility
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Familiar with financial matters
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Have a reasonable chance of out-living you
Anyone who is above the age of 18 years can serve as your
executor. There are also no rules prohibiting you from appointing someone named in your will. In
fact, this is a very common practice in most states. The following are some of the people you
should probably consider to act your executor:
Your spouse
Younger brother or sister
A close relative like a niece or
nephew
Close friend
Professional executors
Depending on your situation, you can decide to appoint
professional executors in your will. Having your estate managed by an expert is always an added
advantage. However, using a professional executor might end up costing you a lot of
money.
Types of professional executors
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Solicitors
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Accountants
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Banks
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Public Trustee’s
Your executor will have the responsibility of carrying out
your wishes once you’re gone. Contrary to what most think, this task can be quite complicated even
if you leave clear instructions. As a result, you must think very carefully before you make your
final decision.
You may also be interested in:
RESOURCE BOX
Free Wills to Print provides detailed information on Free Wills, How to Write a Will, Last Will And
Testament, Living Wills and more.
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