Find Out How An Executor Helps You
When you write your will, there are a lot of things you need to do. That includes doing things like setting up guardianship for any children you may have, setting up beneficiaries, and possibly setting up trusts. Another thing that you need to do is set up an executor for your will.
What Is An Executor?
The executor of your will is the person who is in charge of making sure that your wishes are followed after you have died. They may do things like make sure that your will is probated correctly and check that all the bills left over from your estate are paid. That will include things like paying for your funeral and grave site. They will also inform your creditors, utility companies, and other such businesses your death so that final bills can be calculated. The executor will assume authority over your bank accounts, stock portfolios, and any other income streams so that the bills can be paid.
Your executor will also make sure that the monies from insurance companies are gathered together and sent out to the proper beneficiaries. If those beneficiaries are minors, the executor will take steps to set up the money in a way to provide for the child and ensure that they have money when they reach their minority.
How Is An Executor Chosen?
When you decide on your executor, there are several things that you want to think about. One of them is the responsibility of the person you want to have do the job. Being an executor can be a lot of work and can go on for a long time. You don't want to pick someone just because they are a friend or a member of your family. An attorney may be a very good choice. One reason for this is that a lawyer isn't going to be emotionally involved with your will. They can be totally objective and make sure that any arguments are handled in a way to minimize them. Having an attorney as your executor will also make sure that there are plenty of people who can deal with any problems. The lawyer will have staff to help them or to take over if there is a problem.
After you are dead, you have absolutely no control over what happens. If you want something to happen, you need to have an executor who can handle that and make sure that your wishes are followed. For more information, contact an attorney like Edward G. Foster.