For many, creating an estate plan is an overwhelming and confusing process. Not only does it require careful consideration of your wishes upon your passing, but it is also a tedious process to plan. As such, understanding the decisions you must make prior to meeting with a Medina County, Ohio Will preparation lawyer is in your best interest. One of the most important choices you must make is who will serve as your Executor. Because the role of an Executor is critical, you may want to appoint a trusted Beneficiary. The following blog explores whether or not this is an option and the considerations you should make based on the responsibilities of the role.
What Is the Role of an Executor?
The Executor of a Will plays a significant role in your estate. This individual is responsible for ensuring the terms and conditions you’ve detailed in your Will are honored. In addition to overseeing this process, the following are some of the responsibilities of an Executor:
- Inventorying and appraising assets
- Paying debts and outstanding taxes
- Keeping detailed records of all estate transactions
- Distributing assets to Beneficiaries according to the terms of the Will
It’s important to understand that Executors have what’s known as Fiduciary Duty. Essentially, this means they are legally obligated to act in the best interest of the estate. If they breach this duty, they can face legal consequences.
Can I Appoint an Executor if They are Also a Beneficiary?
If you wish to appoint someone to be your Executor but they are a Beneficiary, you may do so. In fact, this is incredibly common. Typically, people will appoint their spouse or children to this role. However, it’s important to understand that there are benefits and disadvantages to naming a Beneficiary as your Executor.
As mentioned, Executors have a legal obligation to act in the best interest of the Will. However, if they are also a Beneficiary, it can create a conflict of interest as they may be more inclined to favor themselves as a Beneficiary. Even if they do not, the other heirs may cause conflict if they believe the Beneficiary is not fulfilling their obligations as the Executor.
However, appointing a Beneficiary to this role is often a cost-effective and time-efficient option for smaller estates as they are likely more familiar with the wishes of the deceased.
Planning an estate requires careful consideration and proper planning to ensure your wishes are honored upon your passing. That’s why it’s critical to connect with an experienced attorney for assistance during this process. At Krause Law, we understand that navigating these matters can be incredibly overwhelming, which is why we are dedicated to making this process as simple as possible for you. When you are ready to create a Will, contact our team to learn how we can assist you in achieving peace of mind for the future.
