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VariousThings to Consider When Selecting an Executor of Will

Friday, November 29, 2013

Your executor of Will is the person legally accountable to implement the provisions of your Will, settle your debts and administer your estate throughout the probate process. Therefore, it is important to consider the most ideal person for the job. Here are a few things to consider when selecting your executor of Will.

Some individuals think of having a family member as their executor. Others choose a good friend friend to handle the matters of their estate. When choosing an executor of your Will, you need to make sure that your chosen executor is in good health condition and is still likely to be around after you die. The person you ought to choose is also required by law to be 18 years old or older, mentally competent, and has no criminal record. Your executor should also be a person who is not your business partner or has no hidden interest on your business properties.

To ensure that your minor children are well cared for upon your passing, naming a guardian should be included to your will. You can choose a family member, your spouse, or even a trusted friend as your guardian. If you leave part of your assets to your minor children, your chosen guardian will be the one to manage those funds. He/she is responsible to adhere to the rules on how to effectively spend and invest your children's funds until they reach a mature age. The chosen guardian will be required by law to submit an annual accounting to the court.

There are instances when the main executor suddenly feels that he/she is not equipped to perform his responsibilities, gets ill or even dies before the decedent does. As such, it is imperative to designate an alternate executor. Should the primary executor fail to fulfill his duties for whatever reason, the alternate executor will immediately take his place.

There are some reasons why some people opt for a paid executor over their spouse or relative. This is because your family, especially your spouse may be still stressed and affected due to your passing. As an executor, he/she will still be legally liable for overdue taxes and fines no matter the grief or stress he/she is going through. If you don't want to burden anyone in your family on the matters of your property, consider getting expert estate administration services.

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