What Are the Responsibilities of the Executor of a Will in Ohio?

When creating an estate plan, you must make many important considerations, especially when it comes to your Will. However, nothing may be as significant as naming an Executor. However, many are unfamiliar with what this role actually entails, which can lead them to appoint someone who may not be qualified. As such, the following blog explores the responsibilities of the Executor of a Will so you understand the full scope of this position. Additionally, you’ll learn what factors to consider when appointing someone and why it’s in your best interest to connect with a Medina County, Ohio Will preparation lawyer to explore these matters further.

What Does the Executor of a Will Do?

To understand why choosing the right Executor is so important, you must know what their responsibilities entail. The responsibilities of an Executor begin immediately after the passing of the head of the estate. They must file the Will with the Surrogate Court to begin Probate. This is essentially the process of validating a Will. In addition, an Executor must then pay off all outstanding debts and taxes using funds from the estate. Once these have been taken care of, the Executor is responsible for distributing the estate’s assets according to the Will.

In addition to managing and administering an estate, an Executor is also responsible for handling any disputes that may arise with Beneficiaries. For example, if a Beneficiary has concerns about the validity of a Will or believes they are entitled to more assets, the Executor is responsible for handling these matters.

How Do I Decide Who To Name to This Role?

It’s important to understand that there are a few requirements as to who can serve as an estate Executor. The person you name must be at least 18 years old and of sound mind. Other than those two requirements, you can essentially name anyone for this role. However, just because you can appoint anyone doesn’t mean you should.

In general, the person you appoint should be responsible and trustworthy. Because they are in charge of your estate and assets, naming someone you trust to be up to the task of handling your estate is critical. In addition to naming an Executor, you may want to consider also naming an alternate. This is to help ensure someone of your choosing can assume the role if your original choice is unable to.

As you can see, choosing an Executor to handle your state is an important consideration. To ensure your wishes are met, it’s in your best interest to connect with an experienced attorney as soon as possible to help you write your Will and create an estate plan that represents your best interest. Additionally, they can help you name an Executor within the document so you can achieve peace of mind that your wishes are valid and legally binding.

When you need help during this process Krause Law is ready to assist you. Connect with us today to learn how we can guide you through these matters.