Virtually everyone understands that life is finite, and will work toward securing that they must accordingly. People get the best jobs they can in order to set themselves up for the future, knowing that they have to put enough away to set aside a reasonably comfortable amount for their families. Their children are typically meant to inherit this, using it for their own lives as intended. This intent and planning is put forth in a person's will, a legally binding document meant to detail how one's assets are meant to be distributed to heirs upon his death.
Many of us are clear on the concept of the need for a will, but still many might underestimate how important a will executor is. Executors of will are essential parts of the process of putting a will's stated intents into action. Choosing a good will executor will ensure the proper distribution of one's assets, so as to avoid will contests, tax difficulties and other delays that could complicate matters. Without a competent and capable executor of will, the lack of effective resolution would create chaos and conflict among the members of the family one that leaves behind after passing.
A good will executor will start by opening your estate by filing the appropriate paperwork. Creditors and other interested parties will be notified of the passing, so as to enable them to make the relevant plans against the estate. Depending on the relevant court, sometimes a notice will need to be published in a local newspaper, or certified letters will need to be sent to the creditors. Flawed or sloppy will execution work could result in lawsuits being filed by creditors, inheritors or other beneficiaries who will allege that they were not notified of the execution of the will. More conflict and so on can drag on from this.
Assuming this part goes well, a competent executor will then take proper inventory of the assets at hand. All retirement, bank, brokerage and related accounts should be listed and checked, along with all the deceased's property at time of death. This is time-consuming, but essential in order for heirs to properly receive their inheritances in an efficient, timely manner. Part of the process involves managing the estate properly, paying any remaining bills and/or taxes and settling debits, while collecting any money the deceased was owed. The estate can be closed after all the work is done, but it is a must that this work be done properly.
Many of us are clear on the concept of the need for a will, but still many might underestimate how important a will executor is. Executors of will are essential parts of the process of putting a will's stated intents into action. Choosing a good will executor will ensure the proper distribution of one's assets, so as to avoid will contests, tax difficulties and other delays that could complicate matters. Without a competent and capable executor of will, the lack of effective resolution would create chaos and conflict among the members of the family one that leaves behind after passing.
A good will executor will start by opening your estate by filing the appropriate paperwork. Creditors and other interested parties will be notified of the passing, so as to enable them to make the relevant plans against the estate. Depending on the relevant court, sometimes a notice will need to be published in a local newspaper, or certified letters will need to be sent to the creditors. Flawed or sloppy will execution work could result in lawsuits being filed by creditors, inheritors or other beneficiaries who will allege that they were not notified of the execution of the will. More conflict and so on can drag on from this.
Assuming this part goes well, a competent executor will then take proper inventory of the assets at hand. All retirement, bank, brokerage and related accounts should be listed and checked, along with all the deceased's property at time of death. This is time-consuming, but essential in order for heirs to properly receive their inheritances in an efficient, timely manner. Part of the process involves managing the estate properly, paying any remaining bills and/or taxes and settling debits, while collecting any money the deceased was owed. The estate can be closed after all the work is done, but it is a must that this work be done properly.
