When a person dies, all of the deceased’s possessions become a part of his or her estate, which must then be administered according to the will of the deceased person. The person who handles the administration of the estate is the “executor.” Just as a quick summary, estate administration refers to the process of collecting the estate, paying any debts or taxes owed by the estate, and distributing the remaining property of the estate to the beneficiaries. The Executor’s Role In Richfield UtahThe executor is the person responsible for locating and collecting all of the deceased’s property, making sure any debts and taxes are paid off, and distributing the remaining property and money to the beneficiaries. The money to pay off any debts or taxes comes from the estate. In addition, the executor is entitled to a lawyer if he or she needs help with his or her duties. Some more specific examples of what an executor can be tasked with doing include obtaining a death certificate, initiating the probate process, filing paperwork in probate court, and contacting the beneficiaries of the estate. The executor is required to perform his or her tasks in accordance with the will and in compliance with the probate laws of each state. The executor is also required to perform his or her duties diligently and in good faith. Choosing an ExecutorThere are very few restrictions for who can be an executor. Generally, the executor can’t be a person under the age of 18 and the executor can’t be a felon. There could also be restrictions on a person who lives out-of-state serving as an executor. Usually legal or financial knowledge isn’t necessary to serve as an executor because wills are usually straightforward. And, if the will is complicated or difficult to understand, the executor can consult with an attorney. Since there aren’t many restrictions or requirements for being an executor, usually people appoint a spouse, child, or sibling as the executor of their will. It’s important to choose a person who is honest, responsible, and organized. If you’re selecting a family member to serve as the executor it’s also a good idea to consider what impact the selection will have on your family. For example, if the youngest of three children is named as the executor, the two older children might feel that they were not trusted or worthy enough to serve as the executor. This can lead to problems between siblings, and maybe even a will contest. Another factor to consider when selecting an executor is where the executor lives. It’s much easier for an executor to perform his or her duties if he or she is close to the majority of the estate’s assets. Finally, it’s a good idea to name an alternative executor in case the originally named executor can’t or doesn’t want to serve as the executor. Whoever you name as your executor, it’s important to let the person know that you want him or her to serve as your executor. Letting the person know allows the person to accept or decline to serve as the executor. You should also tell the person where your records are kept and probably give them a copy of your will. Hiring an AttorneyIf you’ve been named the executor of a will, you might need some guidance getting through the probate process. Generally, as an executor of a will, you are entitled to hire an attorney at the expense of the estate. Even if the will doesn’t provide for an attorney, if you have questions or concerns about being an executor, it’s probably a good idea to consult with an estate planning attorney. What Does an Executor Do?Serving as the executor of someone’s last will and testament can be an honor and the most terrifying experience of your life at the same time. By definition, an executor is entrusted with the large responsibility of making sure a person’s last wishes are granted with regard to the disposition of their property and possessions. When it boils down to essentials, an executor of a will is responsible for making sure that any debts and creditors that the deceased had are paid off, and that any remaining money or property is distributed according to their wishes. This is different than having “powers of attorney” which commonly makes health care decisions and is a personal representative of the person. Often, the power of attorney is necessary while someone is still alive, and executor of will occurs only after their death. What Does an Executor Do? Oversees Disposition of Property and PossessionsAlthough the law doesn’t require an executor to be a lawyer or financial expert, it does require than every executor fulfill their duties with the utmost honesty and diligence. The legal term for this requirement is a “fiduciary duty,” which holds the executor to act in good faith with regards to a person’s will. An executor is not entitled to proceeds from the sale of property of the estate. Depending on the particular state, generally, an executor is only entitled to a fee as compensation for administering the will. Most states mandate that this fee be reasonable given the size or complexity of the will. What Does an Executor Do? Fulfills Specific DutiesThere are many duties that an executor of a will may have to fulfill, depending upon the complexity of the will and the property to be distributed. These duties normally include: Probate SpecialistsEstate attorneys are legal professionals who specialize in settling the affairs of a deceased person. They are sometimes called a probate attorney or lawyer and are instrumental in walking an executor through the probate process. These professionals also advise beneficiaries on issues related to the property and their inheritance. Estate Attorneys Assist ExecutorsExecutors are often overwhelmed with paperwork that needs to be completed in a timely manner upon a person’s passing. The guidance of an attorney in these matters can speed up the process and help ensure you don’t miss anything. Estate attorneys can help an executor: Helping BeneficiariesSometimes the beneficiaries and the executor are different people, or the executor may be one of several beneficiaries. The attorney can help the non-executor beneficiaries too. If your loved one died without a will in place, the state will determine not only what the heirs receive, but also who they are. If minor children are involved, the state will determine guardianship. An lawyer can help guide you through these legal processes and be your advocate in court. Designing A PlanYou can make things easier on your beneficiaries and executor by meeting with estate attorneys now. They will be able to help you create a plan that can help minimize your heirs’ tax burden and protect your assets. You can designate charities as beneficiaries, choose guardians for your children, set up trusts and create a power of attorney or a healthcare power of attorney. By designing an estate plan before you need it, these important decisions are decided by you, not the state, not your executor, not your beneficiaries. It is the single best way to ensure your wishes are met if you become mentally incapacitated or die. Whether you need help designing a plan, getting through probate as an executor or fighting for your rights as a beneficiary, estate attorneys can provide you with the guidance and support you need. Ways To Avoid Estate LitigationIt’s a sad fact of life that litigation often arises between family members over inheritances. Even families on the best of terms can be torn apart by perceived slights or disagreements over a parent’s last wishes. To avoid this kind of infighting it’s best to develop a strong estate plan, or at the very least a will that spells out your final wishes. Here Are Ways To Help Avoid Lawsuits Over Your Estate After You Pass. 1. Divide assets equally. Nothing is more likely to trigger estate litigation than treating siblings differently. The best rule of thumb is to divide everything equally among your children. If you have two children each gets half. If you have five, they all get one-fifth. Don’t favor the child who has a bigger family over the others and treat stepchildren the same as the others. If you are disinheriting a child, make sure that is spelled out in the legal documents. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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