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Submitted by: Simon Volkov
A Will executor must be designated within a properly executed last will and testament. This person is responsible for estate settlement duties on behalf of the decedent. Responsibilities vary depending on circumstances, but require executors to act as the estate fiduciary. Careful thought should be given when designating this position.
The Will executor receives financial compensation for performed duties. Payment must adhere to state probate laws. A few states demand executors be paid at an hourly rate, while other states require payment as a percentage of estate value.
Various labels can be used to describe Will executors. Some of the most common include: personal representative, probate administrator, estate executor, and estate agent. Regardless of the label, this person should be mature, responsible, and capable of managing the many facets of estate settlement.
Common estate settlement duties include: safeguarding estate assets; acquiring property evaluations and appraisals; informing creditors and government entities of the decedent’s death; and disbursing inheritance property to selected heirs.
Anytime a person passes away without executing a last Will, the probate court designates a Will executor. This is usually the surviving spouse or adult children, but can be direct lineage heirs, a friend of the family, professional estate planner, or probate attorney.
When there is strong potential for family disputes over inheritance to arise, it can be advantageous to hire a lawyer. Although it will be more costly to retain legal counsel, lawyers can help protect estate assets if heirs decide to contest the Will.
Every estate must undergo probate unless property is transferred to a trust. Probate is required to verify the last will and testament; settle outstanding debts and taxes; and transfer inheritance property according to directives within the Will or in accordance with probate laws.
When estates are safeguarded by a trust, the estate executor manages distribution of estate property and is responsible for recording the decedent’s death certificate and completing a closing tax return.
It is usually ideal to talk to the person who will be appointed as Will executor. Required duties can be time-consuming and complicated. The individual you think is suited for the position may not be inclined to assume responsibilities.
Will executors need to be at least 18 years old and never found guilty of a felony crime. This person should be good with finances, detail-oriented, and capable of working under pressure. Unfortunately, loss of a loved one can bring out the worst in some people. It is not unusual for inheritance wars to erupt, which is all the more reason to engage in estate planning.
Oftentimes, the Will executor takes the impact of rage and may end up being ostracized from the family. Anyone who feels appointing a relative to this position will cause them emotional harm should consider hiring a neutral third party instead.
Probate attorneys recommend appointing two estate executors within the Will. If the primary executor is unable to fulfill duties, the second executor can promptly assume duties.
Engaging in estate planning can eliminate burdens from loved ones at the time of death. In addition to gifting estate assets, the Will is used to provide directives regarding burial preferences, establish guardianship for minor children, and appoint a Will executor.
About the Author: Simon Volkov is a California real estate investor and probate liquidator with years of experience in buying and selling probated estates. He offers an extensive estate planning article library and shares tips for designating a
will executor
and protecting inheritance property at
SimonVolkov.com
.
Source:
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