When planning your estate, there are a number of important considerations you must make regarding these matters. However, one of the most critical decisions you can make is regarding who will serve as the Executor of your estate. The following blog explores the responsibilities of this role so you can make an informed decision with the assistance of a Medina County, Ohio Will preparation lawyer. Additionally, you’ll discover what happens if no executor is named and the problems that could arise.
What Is an Executor, and What Are Their Responsibilities?
An estate Executor is a person chosen to manage your estate in accordance with the terms and conditions of your Will upon your passing.
Generally, the first thing the appointed Executor must do is file the Will with the Probate court, which will oversee the distribution of the estate after validating the Will. Once filed, the Executor must settle the outstanding debts of the deceased’s estate, which includes filing and paying taxes. Once the debts have been paid from the estate, the Executor can distribute your assets to the designated Beneficiaries.
Serving as the Executor of an estate is a considerable responsibility, so choosing someone to serve in this role is not a decision that should be made lightly. You should name someone trustworthy and reliable, as they will have several important duties to fulfill to ensure your estate is handled according to your wishes.
What Happens if an Executor Is Not Named?
If there is no Executor named in the Will left by the deceased, or the named Executor is unable to assume the role for whatever reason, an interested party in your estate may petition the court to assume this role. If no one steps forward, the Probate court will step in to appoint someone of their choosing, typically your next of kin. As such, the court-appointed executor will likely be your surviving spouse or adult child.
If you want to ensure someone of your choosing can assume the Executor role in Ohio, you’ll find that you can name alternate options to fill this role in the event your first choice is unable to do so. For example, you may want to appoint your son to be your Executor. However, if he is working overseas for a few months at the time of your passing, he may be unable to assume the role. As such, you can name a second choice, such as your niece, to handle these responsibilities. This allows you to ensure that someone you have chosen can serve as the Executor of your estate.
As you can see, having an Executor you trust is critical to obtaining peace of mind that your estate will be handled with care. That is why working with the team at Krause Law is in your best interest. Not only can we help you explore your options when considering who to appoint to this role, but we can also help ensure your Will accurately reflects your wishes. Contact us today to learn how we can assist you with these complicated legal matters.
