When you contemplate your Last Will and Testament you probably focus on decisions you need to make regarding the distribution of your estate assets. There is another decision you need to make, however, within your Will that is considerably more important than you may realize – who to appoint as Executor of your estate. In fact, one of the biggest (and most common) mistakes people make in their estate plan is to appoint the wrong person as their Executor. To prevent you from making the same mistake, the Los Angeles estate planning attorneys at Schomer Law Group, APC discuss how to choose the right Executor.
What Does an Executor Do?
To encourage you to name the right person as your Executor it helps to know why that is important. Many people simply name a spouse, close friend, or family member as their Executor without really giving the matter much thought. With a better understanding of what an Executor does, however, you should be able to see how appointing the wrong person for the job often results in costly mistakes during the probate of an estate that may cost your loved ones a considerable amount of both time and money. The Executor of an estate has a wide range of duties and responsibilities that begin as soon as he/she is notified of the appointment, including:
- Identifying and securing assets. As soon as possible after your death, your Executor must begin to identify all estate assets and secure them. Eventually, a date of death value must be obtained for all assets as well.
- Opening probate. A petition to probate the estate must be filed in the appropriate court along with the original Will and a certified copy of the death certificate.
- Notifying creditors. All creditors of the estate must be notified either personally or via publication in a local newspaper.
- Reviewing and approving or denying claims. Claims submitted by creditors must be reviewed by the Executor and approved or denied. If approved, they must be paid out of available estate assets.
- Litigating challenges. The Executor is charged with defending the estate and the Will submitted to probate. If a Will contest is filed, for example, the Executor must defend the Will throughout the ensuing litigation.
- Calculating and paying taxes. The Executor must determine if the estate owes federal and/or state gift and estate taxes. If taxes are owed, the debt must be paid out of estate assets before any other assets are transferred out of the estate.
- Transferring assets. At the end of the probate process, the Executor must transfer the remaining assets to the intended beneficiaries and/or heirs of the estate.
Choosing the Right Executor – Questions to Consider
Although it may be tempting to just name a spouse or close friend as your Executor, consider the following questions when considering a perspective appointee to ensure that you appoint the right person for the job:
- Will this person be grieving your loss and, therefore, be unable to focus on administering your estate?
- Does the individual have a legal or financial background that might be beneficial during the probate process?
- Does this person have the time to devote to probating your estate?
- Does the person live too far away to be the Executor?
- Is the proposed Executor good at conflict resolution?
- Will the appointment of this person spark conflict?
- Does the individual want to be your Executor?
Contact Los Angeles Estate Planning Attorneys
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about choosing the right person as your Executor, contact the experienced Los Angeles estate planning attorneys at Schomer Law Group APCby calling (310) 337-7696 to schedule an appointment.
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