The executor of Will is the person officially accountable to carry out the provisions of your Will, cover your debts and manage your estate during the probate process. Therefore, it is vital to consider the right person for the job. Here are a few things to consider when selecting an executor of Will.
Some individuals consider having a family member as their executor. Others choose a good friend friend to handle the matters of their estate. When choosing an executor of your Will, you should make certain that your chosen executor is in good health condition and is still likely to be around after you pass away. The person you ought to choose is also required by law to be 18 years old or older, mentally competent, and has no criminal record. Your executor should also be someone who is not your business associate or has no personal interest on your business properties.
To make sure that your minor children are well taken care of after your passing, naming a guardian is important to be included to your will. You can choose a family member, your spouse, or even a trusted friend as children’s guardian. If you leave part of your properties to your minor children, your chosen guardian will be the one to manage those funds. He/she is liable to adhere to the rules on how to effectively spend and invest your children’s funds until they reach maturity. The chosen guardian is required by law to submit to the court a detailed accounting of assets annually.
There are cases when the primary executor suddenly feels that he/she is not equipped to perform his obligations, gets ill or even passes away before the decedent does. Hence, it is crucial to name an alternate executor. Should the primary executor fail to fulfill his duties for whatever reason, the alternate executor will immediately take his place.
There are some reasons why some people prefer a professional executor over their spouse or immediate family member. This is because your family, especially your spouse may be still stressed and affected due to your passing. As an executor, he/she will still be personally liable for unpaid taxes and fines no matter the grief or stress he/she is going through. If you don’t want to burden anyone in your family in distributing property, consider employing professional estate administration services.