How To Choose an Executor for Your Estate in Illinois
The executor of your estate is the figure responsible for ensuring that your estate plan comes to fruition after you are gone. You have to be able to rely on them to protect and manage everything from asset distribution to tax payments. Choose someone you can trust – someone who exhibits certain personal qualities that fit the role and responsibilities. Consider what to look for in an executor, and talk to an experienced Wheaton, IL estate planning attorney about what it takes to create a robust strategy for your estate.
What Are the Responsibilities of an Executor in Illinois?
Illinois law requires the executor to manage the probate process, which ensures that your assets are properly administered and distributed per your will. It involves validating your will, paying off your liabilities like debt and taxes, and distributing what remains to your heirs or beneficiaries.
According to the Illinois Probate Act, the executor cannot participate in conflicts of interest. They must follow all the requirements of probate, including deadlines, and act in the best interests of the estate and its beneficiaries. Failing to uphold their duties can cause damage to the estate, which is why your choice of executor is so important.
What Are the Main Qualities To Look for in an Executor?
Key qualities to look for in an executor include:
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Trustworthy: Your executor will access all your financial information and manage your assets. They should be someone with integrity whom you can trust implicitly.
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Financially knowledgeable: They should be able to handle the paperwork and understand complex financial matters, like how to pay taxes and manage investments.
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Organized: Your executor should be able to maintain detailed records and ensure that all documents are submitted to the probate court on time.
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Emotionally strong: Being an executor can be emotionally difficult because they are often family members. They may have to handle disagreements among other family members and make complex decisions.
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Willing to do the job: Managing an estate after someone’s death can be time-consuming, sometimes even taking years to finish. You should choose someone who will be available to handle the task.
If you are worried that a family member may not be the best option for an executor, Illinois law permits you to name a third party. This could be an attorney or a trustee. They are typically more objective and know more about probate laws.
What Are the Legal Requirements for Someone To Be an Executor in Illinois?
Under Illinois law, an executor must be 18 years or older and of sound mind. Someone with a criminal history would not be allowed to serve as an executor. They are entitled to compensation for their services, and the court will review their payment to ensure it adequately reflects the complexity of their role. Finally, an executor cannot use their position for personal gain.
Contact a Lombard, IL Estate Planning Attorney To Learn More
Choosing an appropriate and qualified executor is an important part of creating an estate plan. At A. Traub & Associates, we value tailored solutions for our clients, ensuring the plan we draft for you perfectly reflects your wishes and your estate’s needs. To learn more about the legal process of choosing an executor, contact us at 630-426-0196 to schedule your first meeting with a DuPage County, IL estate planning lawyer today. It is never too soon to start putting your wishes into writing.







