Originally posted on 05/28/2017
When people are thinking about planning their estate, they often think about trying to minimize the estate tax, keeping their will updated, and keeping items out of probate court; however, there is another important issue that people need to think about. Who should be the executor of their will and their estate? This is a tough question to answer and to pick the right executor, people need to think about the responsibilities of the executor of an estate.
The Responsibilities of an Executor
The executor's responsibilities include collecting the assets, calculating the debts, paying the taxes, and distributing the estate. All of these responsibilities must be handled promptly to ensure that all parties are appeased during this detailed process. The executor will also need to handle any claims made against the estate and determine what claims are legitimate and what claims are not. Who is the right person to handle this job?
The Executor's Time Commitment
Asking someone to be an executor of a will or an estate is a time commitment. There is a significant amount of documentation that forms the foundation of a detailed planning process. Furthermore, making sure that the right assets end up in the right person's hands can be a challenge. Therefore, people need to make sure that the person who is picked to be an executor has the time to do this job right.
The Educational Background for a Good Executor
While it isn't necessary to pick an executor with a financial or legal background, it could certainly help. For example, trusts, wills, and estate planning issues have significant financial implications concerning asset distribution. Failing to plan an estate well could cost an estate up to 50 percent of its value in terms of the estate tax. Furthermore, trusts have a significant amount of legal implications in removing assets from the estate calculation and ensuring that the assets in the trust are divided appropriately.
Work with Legal Experts to Take Care of Your Future Estate
Planning for the future of your estate can be a difficult experience. Luckily, an experienced attorney can give you all the insights and assistance you will need to have your plans all legally set down.
The legal experts at Aldrich Legal Services have been helping people plan the future of their finances and possessions for more than 21 years. Give our team a call today.