For many, planning an estate is an incredibly complex process. However, one of the most important parts of this process is something you should begin considering before you start thinking about how to divide your estate. You’ll need to determine who will serve as the Executor of your estate! Unfortunately, many underestimate the responsibilities of an estate Executor, which means they may not choose someone well-suited to this role. This person is responsible for managing and settling your estate, which entails legal and financial steps. As such, the following blog explores what you should know about these matters and the importance of working with a Medina, Ohio estate planning lawyer to guide you through this process.
What Is an Executor?
The Executor of an estate is one of the most important people in the estate planning and administration process. Essentially, the Executor is named in a Will to manage an estate. Once they are appointed by the court to manage your estate, they have a fiduciary duty. Essentially, this means they are legally obligated to act in the best interest of the estate, with honested, and manage assets with reasonable care at all times. Failure to do so can result in their removal from the estate and legal action against them
It’s important to understand that, in Ohio, Executors are supervised by the Probate court where the decedent lived, like Medina or Summit County.
What Are an Executor’s Responsibilities After Death?
As mentioned, the Executor of an estate has a considerable number of responsibilities following the passing of the decedent in Medina County. As such, understanding these duties can help you make the most informed decision when appointing an individual to assume this role.
Step 1. Locate the Will and File It With the Probate Court
Following the death of a decedent, the Executor is responsible for locating the original Will and filing it with the appropriate County Probate Court promptly. Once submitted, the probate process will begin. This validates the Will and authorizes the Executor to act on behalf of the estate.
Step 2. Secure and Inventory the Estate
Once the Executor is formally appointed by the court, they’ll need to begin gathering financial information for the estate, such as:
- Financial records
- Property deeds
- Bank statements
- Investment account information
In addition, the Executor must begin the process of inventorying and valuing the estate, including personal property. Once complete, the official inventory must be submitted to the Probate Court.
Step 3. Notify Beneficiaries and Interested Parties
Under Ohio Probate law, all beneficiaries or interested parties in the estate must be notified that the probate case has opened. This is critical, as it provides beneficiaries, heir-at-law, and creditors:
- Their required notices and rights
- The ability to raise questions or concerns
- Transparency throughout the entire probate process
Step 4. Pay Valid Debts and Final Taxes
It’s important to understand that an Executor is required to pay any outstanding, legitimate debts from estate funds. Common debts include medical bills, credit card balances, and personal loans. Additionally, an Executor must file a final tax return on behalf of the deceased.
Step 5. Resolve Any Disputes
Should any disputes arise, whether it’s Beneficiary disagreements or challenges regarding the validity of the Will, it is the Executor’s responsibility to handle and settle these matters.
Step 6. Distribute Assets in Accordance with the Will
Once all debts are paid from the estate and disputes have been resolved, an Executor may begin distributing the remaining assets to the Beneficiaries, according to the terms and conditions of your Will. Additionally, the Executor must keep a detailed transaction log of all distributions for the Probate court.
Step 7. Close the Estate
Once all assets have been distributed, the Executor will close the estate by:
- Filing a final accounting
- Receiving court approval
- Formally closing the Probate case
What Qualifies Someone to Serve as an Executor?
As you can see, naming an Executor is an incredibly important decision, as they have a considerable amount of responsibility they must handle. It’s critical to understand that this is not a decision that should be made lightly.
Minimum Legal Requirements
Under Ohio Law, someone may serve as the Executor of an estate so long as they are:
- At least 18 years old
- Of sound mind
- Do not have disqualifying felony convictions
Practical Qualities to Consider
Because serving as the Executor of an estate is a considerable responsibility, it’s important to carefully consider the qualities you should look for when naming someone to serve in this role. As such, they should be:
- Trustworthy
- Organized
- Communicative
- Able to manage financial duties
- Emotionally capable of handling conflicts or disputes
Naming an Alternative Executor
In your Will, you can name an alternative choice to serve as the Executor of your estate in the event your first choice is unable to assume this role. This helps provide peace of mind that someone of your choosing is appointed, rather than letting the court decide who should serve.
Can an Executor Be Removed?
Under certain circumstances, like failing to perform duties, misusing funds, or acting against the best interests of the estate, an Executor may be removed from their role.
Contact Our Experienced Estate Planning Attorneys
As you can see, choosing someone to serve as your Executor can be a complicated process. However, it’s critical to note that you don’t have to go through this alone – the team at Krause Law is here to assist. We understand how difficult these matters can be, which is why our firm is committed to guiding you through these difficult times. Contact us today to learn how we can guide you through these matters to help you achieve peace of mind for the future.
