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A will is an essential estate planning document that states how you want your assets to be handled upon your death. The person in charge of carrying out the will is known as an executor. The individual you pick for this position is responsible for closing accounts, selling real estate, and managing assets until they are distributed to beneficiaries after you pass. They will also represent your estate in any probate proceedings. To make sure you select a person who can handle these responsibilities, learn more about a few considerations you should make when choosing an executor.

4 Qualities to Look for in an Executor

1. Readiness

Your executor should be reasonably able to assume their duties whenever your passing occurs. For example, an adult child who’s a busy parent or professional may have difficulty managing your affairs for an extended period. You should also avoid selecting people who are older than you, as they may no longer be living when it’s time to process the estate.

2. Honesty

estate planningYou should name an individual, such as an attorney, who you know can be trusted to adhere to all your terms in a legally compliant fashion. If there is any chance that a person you’re considering may interfere with the process or try to invalidate terms, do not list them as an executor.  

3. Financial Proficiency

Since most of the will involves financial matters, choose an executor who won’t make mistakes when managing your accounts. You should also avoid people with bad credit or financial histories, as they cannot be bonded to carry out the terms of the will. This insurance is necessary to protect the value of the estate should an executor flee before the process is completed.

4. Objectiveness

Sometimes, surviving family members may have disagreements about the terms of a will. While proper estate planning can help deter these outcomes, the family may still contest the plan, and in turn, delay the time it takes to distribute assets.

Rather than choosing a relative with complicated relationships within the family, you can name an estate law attorney who will remain unbiased toward your decisions and your beneficiaries.

 

For help naming an executor or minimizing your estate’s tax burden, contact Louis C. Noto in Rochester, NY. This estate planning attorney will manage your case in detail so that your assets remain safe and your terms remain clear. In addition to creating legal documents, this lawyer also provides representation in will and trust disputes, as well as probate law cases. Visit the attorney online to learn more about his services or call (585) 232-1815 to arrange a consultation.

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