| An executor
is the person designated by the testator to administer the probate
estate. Some state call them executors, others refer to them as
personal representatives. By any name, this is the person you choose
to carry out the terms of your Will. The responsibilities of the
executor are important. When the will is admitted to probate, the
court gives the executor authority to act as the testator's legal
representative in administering the estate. The executor's duties
include collecting the decedent's probate assets, paying valid debts
(including any estate taxes), investing estate funds and ultimately
distributing them to the beneficiaries in accordance with the will's
terms.
Your executor
should be a trustworthy person with common sense and good judgment,
who will treat everybody fairly. You might choose a trusted friend
or relative who is capable of handling financial matters. Many banks
will serve as executor, but they will charge for the service. In
most cases, when a friend or relative agrees to become your executor,
he or she will waive or refuse a fee.
There are some
restrictions on who may serve as an executor. Many states will only
appoint individuals who are residents of the same state. If you
want to select a non-resident executor, contact your county clerk
of probate court or an attorney to find out what your state allows.
It is recommended that a second choice for executor be named in
case the first choice refuses or is unable to serve. Finally, an
executor should not be a minor, convicted felon, or non-U.S. citizen.
Most jurisdictions
require that the executor post a bond to protect the assets of the
estate. There are usually waivers available in most states that
would excuse the executor from posting a bond, the most common of
which is if your request it in your Will. By default, the Will generated
at this site provides for such a waiver.
See how
this site works. |
