Many people understand how important estate planning is, but continue to put it off for many reasons. However, if you’re ready to start planning your estate, one of the most important considerations you must make is to determine who will serve as your Executor. If you’re unfamiliar with what this role entails, what you should consider when choosing an Executor, or how to name this person, you’ll want to keep reading. The following blog explores these questions in further detail while exploring why connecting with a Medina, Ohio estate planning lawyer is in your best interest for this complex process.
What Is an Executor?
When creating an estate plan, understanding the myriad of considerations you must make during this process is critical. However, it’s one of the most important things you must keep in mind is naming an Executor.
This individual is responsible for overseeing your estate. When you pass away, the Executor is responsible for overseeing the distribution of the estate to ensure it follows the wishes left in your Will or Trusts. As such, this person submits your will to the court for Probate and oversees this process following your death. In addition, they will inform any creditors or employers of your passing, take inventory of the estate, and distribute assets to the deceased’s Beneficiaries.
What Must I Do to Assign Someone to This Role?
Before you can appoint someone to fulfill this role, it’s essential to carefully consider what you should know about these matters.
When you name an Executor, it’s important to understand there are only two legal requirements – the person must be older than 18 and of sound mind. Other than that, you can name anyone you’d like. However, just because you can name anyone doesn’t mean you should. This role carries considerable responsibility, so you’ll want to ensure the person you name is up for the duty. They should be someone you trust.
Once you have made your decision, you’ll formally name them as your chosen Executor when writing your Will. It’s also recommended to name an alternate in case the individual you have named is unable to assume the role for any reason.
Should I Connect With an Attorney?
If you are ready to begin planning your estate, it’s in your best interest to do so under the guidance of an experienced attorney. Unfortunately, many assume they can navigate this process on their own because there are “DIY” options available. However, failure to write a Will the correct way can cause it to be deemed invalid, and as a result, your wishes will not be honored.
To protect your Beneficiaries, connecting with an attorney from Krause Law is in your best interest. Our dedicated legal team understands how complex this process can be, which is why we are willing to fight for you. Contact us today to learn how we can help.
