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. 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 Responsibilities Does an Executor Have?
The Executor of an estate is one of the most important people in the estate planning and administration process. Essentially, the Executor assumes all responsibility for your estate once you pass away, meaning they take on a considerable amount of important duties. It’s critical to understand that when an Executor assumes the role, they have a fiduciary duty. Essentially, this means they are legally obligated to act in the best interest of the estate at all times. Failure to do so can result in their removal from the estate and legal action against them.
Generally, one of the most important aspects of this process is paying any outstanding debts or taxes from your estate. If you pass away with creditors, they can file a claim for the funds they are owed. As such, your Executor must ensure all debts are paid from the estate before distributing the remaining assets to your Beneficiaries, according to the terms and conditions of your Will. While the Executor is repaying debts, they are also responsible for maintaining the property and assets until they can be distributed.
In addition to paying taxes and maintaining property before it can be distributed, your Executor is also responsible for handling any legal action that may arise against your estate. As such, if a Beneficiary should sue, for example, because they believe the Will is invalid, your Executor is responsible for defending the estate.
How Do I Choose Someone For This Role?
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.
Generally, the most important thing you should consider is how trustworthy the individual is. Because they are handling your entire estate, including your funds, ensuring your Executor will not act on their behalf during this process is critical. For example, if your brother was caught embezzling money from his old employer, he may not be the best fit to assume this role.
In addition, you should consider people who have the time to take on this role. Being the Executor of an estate can be time-consuming, so ensuring the person you wish to appoint has the bandwidth to handle this on top of their other responsibilities is critical.
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.
