An estate plan is important if you are an Ohio adult even if you have few assets and no dependents, and an important part of that estate plan is choosing the right executor n your will. An executor is the person who will be in charge of administering your estate.
Appointing an executor
One advantage of having a will is that it simplifies many processes that would be more costly and time-consuming if you didn’t have one. One of those is the ability to name an executor. If you did not do this, there would be a legal process to appoint someone as your estate administrator. Understanding the role of the executor will help you determine who would be best suited to this role.
An executor’s duties
An executor must locate the will and file it with the court. They must also notify beneficiaries and find and protect any assets. In addition, they need to identify and pay any creditors and file taxes. Finally, the executor distributes assets to beneficiaries. While in most cases, an executor’s work can be wrapped up in under a year, there are situations in which the process can take years if there are complexities or challenges to the will.
Qualities of an executor
An executor needs to be trustworthy and organized. They can hire financial or legal professionals to assist them if necessary. Whoever you choose as your executor, you should discuss it with them and make sure that they are willing to take on the responsibility. You can also name a professional, such as an attorney, as your executor if you do not think any of your friends or family members are appropriate choices. Whatever your decision, talk to your loved ones about your choice for executor and your estate plan in general.