How-to Choose Your Executor Infographic
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An executor is a personal representative responsible for managing a deceased person's estate, which includes gathering assets, paying debts, and distributing assets to beneficiaries. The document outlines the key duties of an executor, including handling probate, assessing claims, and preparing court documents, as well as the importance of clear communication and the legal obligation to complete the estate process. It also distinguishes between the roles of an executor and an attorney-in-fact, highlighting their respective authorities.
How-to Choose Your Executor Infographic
- 1. H o w - t o C H O O S E Y O U R E X E C U T O R “A dinner invitation, once accepted, is a sacred obligation. If you die before the dinner takes place, your executor must attend.” -Ward McAllister What is an EXECUTOR? Definition: The executor is like a personal representative; he or she will conduct all the legal actions required to fulfill your Will. An Executor gathers assets, pays debts of the deceased and the divides assets amongst the beneficiaries. EXECUTOR WRAP UP What are your duties as an Executor? Power of Attorney vs Executor ? The duties of an executor and attorney-in-fact (what the person you appoint in your Power of Attorney) are very similar, but one has the authority to act while you are alive and the other has it after you have passed away. Commence and file the petition for probate and administration Collect and safeguard the assets Appraise and value all assets Deal with creditors' claims File all estate, fiduciary income, and individual income tax returns Make adjustments in estate records to reflect changes in asset's tax cost basis Distribute the estate Prepare accountings Close estate administration vs Guide the Will through probate to legal acceptance of its validity and defend it against Will contest. Collect the assets of the departed. Transfer legacies and gifts to the beneficiaries. Evaluate and pay claims against the estate, especially bills and taxes. Raise money to pay these claims, sell estate assets if necessary. Prepare and file a budget and accounting for the court. What are your responsibilities as an Executor? Take as much time as necessary to go over all accounts, business and personal, as well assets and properties. If you feel this responsibility it is TOO MUCH for you to handle, voice your concerns. Requests within the estate plan or Will should be clear and concise. Once you begin the process of handling the estate, you’re LEGALLY BOUND to complete the job. http://www.law.cornell.edu/wex/table_probate http://www.shepardestateplanning.com/ Twitter@PassareInc Facebookfacebook.com/passareInc Tumblr passareinc.tumblr.com Learn more about End-of-Life management at Passare.com TM