An executor of an estate has an important role, so your choice of who may fill that role is important as well. The executor helps the will through the probate process once you are no longer living. All your assets must pass through this probate process before being distributed to beneficiaries.
Specific responsibilities of an executor include:
- Locating, managing, and disbursing the estate’s assets
- Determining the value of property
- Use estate funds for funeral and burial expenses if they were not prepaid
- Manage the estate’s assets until they are disbursed
Because of the importance of the role, there are certain qualities or characteristics to think about when choosing an executor. An executor should be familiar with your circumstances and family. A familiar person is more likely to respect your expressed wishes regarding your estate. Your executor should be organized, and having a financial or legal background is also very helpful but not a requirement. Your executor should also be reasonable, and not someone who will be involved in family drama or conflicts. Lastly, it helps to name an alternative, or successive executor in case the primary executor is unable to perform his/her duties.
Preparedness is key when it comes to estates! Reach out to our firm if you have any questions about estate planning or wish to create an effective estate plan.
Revolution Law Group is located in Greensboro, NC, and serves individuals and small businesses throughout the Triad and surrounding areas. To contact us please visit Revolution.law or call 336-333-7907.
The information included here is for informational purposes only, is not exhaustive of all considerations when creating documents, is not intended to be legal advice, and should not be relied upon for that purpose. We strongly recommend you consult with an attorney and do not attempt to create your own documents.