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Naming an Executor or Personal Representative in Your Will

Estate Planning For Life's Stages

When you draft your will, you should name an executor.

When you pass away, the named executor or personal representative of your will handles all the paperwork after your death and the distribution of your assets. The selection of this individual can be crucial to protecting your legacy.

An executor or personal representative of an estate is a person or entity appointed to administer a deceased person’s last will and testament. Their primary duty is to carry out the instructions to manage the affairs and wishes of the deceased. They are appointed either by the testator of the will (the person who makes the will) or by a court if there’s no prior appointment in a will.

How do you name an executor or personal representative? How do you know who is best? We give a few tips below.

Selecting an Executor or Personal Representative

Often, individuals select a close family member, like an adult child, to be their executor. Another possibility is to name an independent party as your estate’s executor. A bank trust department or even an independent trust company might serve.

While your family may not like paying fees to an executor, if you name a surviving relative as executor, they may face enormous pressure from heirs with competing claims – it’s not unheard of for family disputes to occur.

It’s also important to point out that an executor assumes a fiduciary responsibility that may be better left to an institution. The estate executor must complete an estate tax return, pay any estate tax due, and distribute the estate’s assets. They are also legally responsible if that tax return is later audited, and more tax is due. The other heirs may not be ready to return some of their money to pay the tax – leading to a potential point of contention. However, if you name an institution, that liability is shifted away from a family member.

If you don’t expect any tax or family problems with your estate, you might name a family member as executor. A grown son or daughter who is conscientious and lives close by may be a good choice.

In Summary

Ensuring your legacy is carried out the way you intended is crucial. By naming the appropriate parties as executors or personal representatives in your will, you can help ensure your legacy is protected for years to come.

Ready to get started? Schedule your free consultation call with the team at Ozarks Legacy Law today.

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