Probate Executor - Choosing the Proper Person to Administer Your Estate
Appointing a probate executor to administer your estate when you die is a very important decision.
Your chosen estate administrator will be responsible for distributing assets and personal belongings according to directives outlined in your Last Will and Testament or Living Trust.
Should you die intestate (without a Will), the probate court will appoint a probate executor to oversee and administer your estate.
If you want to make certain your final wishes are carried out the way you intend, it is imperative to execute a Will or Living Trust.
Otherwise, you will be leaving matters in the hands of someone you may not trust or a complete stranger.
Once your estate planning documents are notarized and executed, the probate executor is required by law to adhere to directives outlined in the Will.
However, if the Will is contested by an heir apparent, a judge will make decisions based on probate laws.
Oftentimes, the probate executor is a direct lineage relative such as a mother, father, daughter, son, sister or brother.
However, anyone can be appointed to administer an estate.
In some cases, it is better to appoint someone outside of the family.
This is particularly true if family dysfunction exists or relatives live out of state.
In many cases, the estate executor is responsible for funeral arrangements.
People who pre-arrange their funeral eliminate a tremendous burden from the executor and family.
Pre-arranged funeral services can include the purchase of a burial plot, casket, cremation urn and headstone.
Some people purchase their burial clothes in advance; especially if they have been diagnosed with a terminal illness.
Many funeral homes offer pre-arranged funeral services which can be paid for over a period of time.
Life insurance policies can be used to cover the costs of funeral expenses.
The average cost of a funeral is approximately $8,000 to $12,000.
If services are not prearranged and no life insurance exists, it can create a heavy financial burden for the family.
When selecting your probate executor, it is a good idea to choose someone who is level-headed, organized and trustworthy.
In most instances, a probate attorney is retained to assist with administering the estate.
However, the executor generally handles many administrative duties including maintaining real estate and financial holdings, closing bank accounts, settling financial accounts, paying outstanding bills and filing a final tax return.
Additionally, they are responsible for inventorying assets and distributing assets.
It is a good idea to request permission from the person you wish to designate as your probate executor.
It is also a good idea to appoint a second probate executor in case the primary administrator is unwilling or unable to perform their duties.
Your chosen estate administrator will be responsible for distributing assets and personal belongings according to directives outlined in your Last Will and Testament or Living Trust.
Should you die intestate (without a Will), the probate court will appoint a probate executor to oversee and administer your estate.
If you want to make certain your final wishes are carried out the way you intend, it is imperative to execute a Will or Living Trust.
Otherwise, you will be leaving matters in the hands of someone you may not trust or a complete stranger.
Once your estate planning documents are notarized and executed, the probate executor is required by law to adhere to directives outlined in the Will.
However, if the Will is contested by an heir apparent, a judge will make decisions based on probate laws.
Oftentimes, the probate executor is a direct lineage relative such as a mother, father, daughter, son, sister or brother.
However, anyone can be appointed to administer an estate.
In some cases, it is better to appoint someone outside of the family.
This is particularly true if family dysfunction exists or relatives live out of state.
In many cases, the estate executor is responsible for funeral arrangements.
People who pre-arrange their funeral eliminate a tremendous burden from the executor and family.
Pre-arranged funeral services can include the purchase of a burial plot, casket, cremation urn and headstone.
Some people purchase their burial clothes in advance; especially if they have been diagnosed with a terminal illness.
Many funeral homes offer pre-arranged funeral services which can be paid for over a period of time.
Life insurance policies can be used to cover the costs of funeral expenses.
The average cost of a funeral is approximately $8,000 to $12,000.
If services are not prearranged and no life insurance exists, it can create a heavy financial burden for the family.
When selecting your probate executor, it is a good idea to choose someone who is level-headed, organized and trustworthy.
In most instances, a probate attorney is retained to assist with administering the estate.
However, the executor generally handles many administrative duties including maintaining real estate and financial holdings, closing bank accounts, settling financial accounts, paying outstanding bills and filing a final tax return.
Additionally, they are responsible for inventorying assets and distributing assets.
It is a good idea to request permission from the person you wish to designate as your probate executor.
It is also a good idea to appoint a second probate executor in case the primary administrator is unwilling or unable to perform their duties.
