The assets acquired over a person’s lifetime are valuable. They could also be in different forms, such as cash, physical assets like houses or buildings, and other investments like treasury bills and bonds. On the other hand, there are intangible assets. Each of these can be very useful to one’s beneficiaries, which is why they should be included in any estate planning process.
Suppose someone you know is doing their estate planning and wants to involve you as the executor. Some or all the assets mentioned above could form part of the plan. What should you know before you dive in? The following post gives some useful advice:
5 Things to Consider Before Becoming an Estate Executor
Agreeing to be the executor of an estate (also known as a personal representative) is a bigger decision than most people realize. It is important to consider the responsibility of the position before agreeing to take on the role.
Here are five things you should know before signing on.
- The Complexity of the Estate
Taking on the executor role is not simply a matter of reading the will and using it as a set of instructions for giving away someone’s wealth. An executor essentially steps in for the testator (the person who wrote the will) and sees to all the final arrangements—financial and otherwise. Read More at Investopedia…
Now you know what to consider once someone asks you to be the executor of his or her property. While it shows the level of trust they have in you, and it’s a flattering thought, there will be serious responsibilities.
What Exactly Does An Executor Do?
Now, one of the common confusions that occur in estate planning is the mixing up of terms. The following post clarifies some of them:
One of the questions most frequently asked in relation to wills is “What is the difference between executors and trustees?” Well, as far as your will is concerned, we can try and summarize it like this:
Executors are the people who organize your affairs after your death. Trustees are people who run the trust that your will creates.
But it isn’t quite that simple: sorry. And it’s no wonder that people sometimes get confused about this. Read more at Bequeathed…
So, before you agree to any estate planning responsibilities, just be sure of what you are being asked to do.
Co-Executors
In many cases, even when a will is written and an executor named, it is a good idea to bring in an alternative person who can also act as an executor. The following post explains this further:
Pros and Cons of Having a Co-Executor of a Will
Deciding who will handle your estate after your passing isn’t always an easy matter, especially considering how arduous the task of an executor can be. One way to lessen the burden for all parties is to name co-executors. However, while there can be good reasons for having co-executors, there are also drawbacks, including the risk of conflict between them.
Naming Co-Executors
Most people name an executor in their will, as well as one or more contingent executors, who step in if the primary executor dies or is otherwise unable or unwilling to act. Most married people name their spouse as executor and an adult child as a contingent executor. An unmarried person with adult children often names an adult child as the primary executor. Read more at Legal Zoom…
Naming a co-executor can make things less stressful for you and for the person you appoint to handle your affairs. But there will still be issues to resolve even in the best of situations. That’s why it’s crucial to make these arrangements under the guidance of a good estate planning attorney.
And here’s where Meek Law Firm comes in. Whatever legal advice you need concerning estate planning, attorney Jonathan Meek can assist you. Call Meek Law Firm today at (704)-808-6335 to discuss your needs or complete the contact form on our website and we’ll get back to you.