Jasper L. Edwards
So what is an Executor of an Estate? 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 of estate on your form.
The main executor of estate duties include:
Collecting all of the assets of your estate
Valuing your estate
Filing for a grant of probate
Ensuring that all your bills, debts, funeral expenses and inheritance taxes are paid using the money from your estate
Distributing the remainder of your property in accordance with your will
Maintaining a record of your wishes and distributing any estate accounts to the beneficiaries
How to Appoint an Executor of Estate
The person you appoint to serve as the executor of your estate should be ethical and responsible. He or she must also be willing to do the job. In addition, they should also be:
Honest and trustworthy
Capable of handling the responsibility
Familiar with financial matters
Have a reasonable chance of out-living you
Anyone who is above the age of 18 years can serve as your executor of estate. 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 of estate:
Younger brother or sister
A close relative like a niece or nephew
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 in executor of estate fees.
Types of professional executors
Your executor will have the duties of carrying out your wishes once you’re gone. Contrary to what most think, executor of estate duties can be quite complicated even if you leave clear instructions. As a result, you must think very carefully before you make your final decision.
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