How-to Choose Your Executor

Нow-to CHOOSE YOUR EXECUT OR “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. Power of Attorney vs Executor ? VS 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 w hile you are alive and the other has it after you have passed away. What are your duties as an Executor? Commence and file the petition for probate and administration Collect and safeguard the assets LAppraise 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 ▪What are your responsibilities as an Executor?. 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. EXECUTOR WRAP UP 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. Learn more about End-of-Life management at Passare.com TM Robert L. Shepard Professional Law Corporation passare.com . Twitter@ Passarelnc http://www.law.cornell.edu/wex/table_probate Facebookfacebook.com/passarelne http://www.shepardestateplanning.com/ Tumblr passareinc.tumblr.com