Tuesday, August 14, 2012
Executor of Will - How to Choose Who to Disperse Your Property
Many people make a will to leave directions behind as to the dispersal of their worldly goods. In addition to naming the inheritors, a will can also include a name of someone who is to act as executor of will. This person will be responsible for ensuring that the will and last requests are followed through, and can include overseeing and estate or even handle the little every day details - including helping the grieving family - in order to make sure things go smoothly and according to the will's wishes. An executor does not need to be an attorney, and they are usually a close friend or family member.
State laws are widely varied, and the laws regarding an executor of a will vary also. If you are making out your will and wish to name an executor, you need to look up the local laws in this matter, or visit with an attorney who will walk you through the process. Typically, your executor may be expected to handle: asset management and distribution, assess the need for probate court, deciding upon the inheritors if there is no will, filing of the will, banking of estate monies, and payment of debt and taxes.
An executor will have many responsibilities, and it is important that you choose wisely. It is easier if you state your wishes for your property very clearly in a will that has been made a legal document, as without a will, an executor will have no instructions as to what you would have liked. It may be a good idea to have a back up executor as well; in case the first one refuses or cannot proceed. If you wish your worldly goods to go to a specific place, the only way to make sure that happens is to leave it documented.
An executor can still manage an estate after a death, even if there is no will. It places a great burden and responsibility on the shoulders of the executor, and sometimes can make a task quite difficult if there is not proper documentation. Most executors will follow through honestly and diligently, but it is not unknown for some people to take advantage of this situation for their own financial gain. It is vital that you select a person who is honest, has integrity and can understand the process of dispersing the goods where they need to go.
Article Source: http://EzineArticles.com/7216643
Posted by Rene at 1:57 PM