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Lombard estate planning lawyersOne of the most important steps of creating a last will and testament is choosing the personal representative—or executor—who will oversee and manage your estate after you pass away. This individual will have several important responsibilities, so it is important that you choose someone who is competent and able to handle the job. There is no perfect way to choose the right executor, but there are some guidelines you should keep in mind as you create your estate plan.  

Responsibilities of the Executor

The legal representative named as the executor of a will has several duties. Firstly, he or she must estimate the value of the deceased person’s (testator’s) estate. A list of property and assets including bank accounts, retirement accounts, real estate property, fine art or expensive jewelry, stocks and bonds, and other items must be drafted and assessed during probate. Additionally, the executor must pay the deceased person’s taxes and debt as well as file a personal income tax return on their behalf. He or she will also have to pay estate taxes and distribute the testator’s remaining property to beneficiaries as per the directions stated in the will.

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Posted on in Estate Planning

DuPage County estate planning lawyerWhen someone asks you to be the executor of their last will and testament, you may feel both honored and also overwhelmed. What exactly does an executor do? Who can be an executor? Being an executor of someone’s will is a huge responsibility, but with some research and help, most are able to take on the challenge.

An Important Role

The overall job of an executor is to make sure a person's last wishes are granted with regards to the disposition of their property and possessions. He or she is responsible for paying the deceased's debts and creditors, and distributing any remaining money or property according to the deceased’s wishes. The law does not require an executor to be a lawyer or financial expert, however, it does require than an executor fulfill their duties with honesty and diligence. This responsibility is called "fiduciary duty," which means that the executor must act in good faith and in the best interests of the deceased person’s estate.

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Lombard estate planning lawyerEstate planning in Illinois or any other jurisdiction is more than simply determining what legal documents are most appropriate to protect the value of your assets after death and achieve the goals and desires you have for the disposition of your property. Equally as important as choosing the right estate planning documents is choosing the right person to handle your affairs and exercise the powers those estate planning documents provide.

The Dangers of Selecting the Wrong Individual

Regardless of whether you named an individual as executor and administrator of your will, as a trustee overseeing your trust, or as your power of attorney, your estate planning documents give the individual significant powers. In the wrong hands, this person could potentially:

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Lombard estate planning lawyersEstate planning is arguably one of the most important things a person will do during their entire life, and as such, everything matters. The slightest discrepancy may be attacked, and your wishes may not be honored if your estate is not set up and administered properly. Perhaps the most important choice you must make while estate planning is picking your executor, who can ensure that your wishes are carried out as you prefer and act on your behalf.

Responsibilities of an Executor

A person who has been named an executor in Illinois has 30 days following the death of the testator in which to either submit the will for probate or refuse the appointment. The responsibility of managing another’s estate is a heavy one, and, as such, it is important to pick the right person. The instinct for many is to choose their spouse, but this is not always the best choice, especially if you are of similar ages and he or she may be older and/or ill when the time comes for them to assume the role. Who you choose must be able to fulfill all of the duties of the executor including:

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