You have spent your entire lifetime saving, building your assets, and collecting your valuable personal possessions. One day, you will pass all of this on to your family. So it is important to choose an executor you trust to oversee this process. And a proactive approach keeps you in control of your hard-earned legacy and allows you to fully convey your wishes to your executor.
If you do not appoint an executor before your death, the courts will. And in this scenario, you have obviously not conveyed your wishes to this administrator (term for court-appointed executor).
Responsibilities of an Executor
• Have the will probated.
• Collect the decedent’s assets (specified in the will).
• The executor reads the will to determine who gets what assets.
• Pay debts of the decedent.
• Pay administration expenses of the estate.
• Pay any taxes due from the estate.
• Invest and manage the estate’s assets and provide for the management of any real estate.
• Manage day-to-day details.
• Once all the bills and taxes are settled, distribute the remaining assets according to the terms of the decedent’s will.
Tips for Choosing an Executor
1. Discuss your options with your lawyer. He/she will help you through the entire process.
2. Before appointing an executor, ask the people you are considering if they would be your executor and if each is willing to accept the responsibilities.
3. If a family member or friend does not seem like a good choice, consider naming your lawyer or trust company as executor. This is especially helpful if your will contains trusts or other financial investments.
4. Consider appointing co-executors to share the responsibilities.
If you have any questions about what you have just read, or if you would like to know more Choosing an Executor or about retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.