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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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Lombard estate planning attorneyBeing the executor of a will is a serious responsibility. An executor is tasked with managing the estate of a deceased individual and must do so until the estate is legally closed. When choosing the executor of your estate, it is important to select someone who has integrity and is capable of fulfilling the required duties. An estate executor is responsible for paying creditors and taxes and must oversee any legal processes such as a will contest or an estate tax audit. Depending on the circumstances, the job of being an executor can last months or even years. Experts have some advice for those who are ready to choose their executor.

The Importance of Having a Will – Regardless of Age

Recent surveys have shown that a staggering 64 percent of Americans do not have a last will and testament. This is quite surprising because it is one of the most fundamental estate planning tools a person can utilize. A will provides directions for how a deceased person’s property should be managed after death and can also include instructions regarding any minor children the person has. Those who pass away without a will put decisions regarding property, inheritance, guardianship of minor children, and more in the hands of the court.

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