What To Consider When Choosing An Executor Article

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What to Consider When Choosing an Executor

Ron Nevin, an attorney in Nashville, Tennessee, has over 35 years of experience in probate law. According to him, only two things really matter when selecting an executor. First, choose someone you trust. Next, choose someone you’re confident is capable of carrying out the duties of an executor. Here, Nevin talks about some things to consider when choosing an executor.

Author: Ron Nevin

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After your death, the executor of your estate will be responsible for settling your financial affairs and making sure your assets are distributed to your heirs according to your wishes. The role of the executor involves gathering and liquidating your assets, settling your debts, paying your outstanding bills and taxes, closing your accounts, and dealing with any legal issues that arise with regard to your estate.

When it comes to selecting a person as your executor, the law offers a small amount of guidance. No legal expertise is required. The law simply says that the executor cannot be a minor, a convicted felon, or a non-U.S. citizen. Otherwise, you are free to select anyone you want. However, there are some things that you should consider when deciding on an executor for your estate.

Close Friend or Outside Executor
Although family members are most commonly named as executors, there may be reasons to consider choosing a close friend or even an outside executor like a lawyer or a bank to be your estate’s executor. Though it involves paying a fee, an outside executor may actually be the best choice if you have a particularly large or complicated estate. Handling large estates, particularly those involving a business or great variety of assets, can be complicated. An entity like a bank is not only unbiased and immortal; it also has access to a vast network of professionals capable of handling every aspect of the executorship, regardless of what complications may arise.

Emotional Component
When choosing an executor, there is also an emotional component to consider. The executor’s responsibilities are many and varied. And the executor is personally liable for unpaid estate taxes and fines for late filings. If you are concerned that your spouse, for example, or adult child will be emotionally incapacitated after your death, perhaps you should instead consider a close friend or paid professional to act as your executor. Likewise, if you have small children and your spouse will be solely responsible for them after your death, it may be best to select another trustworthy individual to handle your financial affairs.

Individual’s Experience and Skills
Selecting someone as the executor of your estate is a bit like hiring someone for a job. Therefore, you should carefully consider an individual’s experience and skills before selecting him to represent you after your death. Because the role of the executor involves extensive paperwork, bills and deadlines, you will need to choose someone who is experienced in handling financial affairs and has the organizational skills to get the job done right.

For example, if your wife does not have much experience handling household financials or taxes, she may not be the best choice. Again, if your estate is particularly complex or large, you will probably want to avoid burdening your spouse or children with the role of executor, a task that could take several years to complete. Some people in this situation choose to designate their attorneys or CPAs as their executors. If you are concerned about a potential will contest or you expect your estate to involve a lot of legal work, an attorney may be the best choice.

In short, designating an executor for your estate is an important part of drafting your will. After all, this individual will be responsible for paying your debts and protecting your assets after your death. Choosing someone to take on this role is certainly not a decision to be taken lightly.

This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.

About Author

Ron Nevin is a writer for Yodle Law Marketing, a business directory and online advertising company. Find alawyer or more lawyers articles at Yodle Consumer Guide.

Article Source: http://www.1888articles.com/author-ron-nevin-33122.html

What to Consider When Choosing an Executor