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Things to Know Before Appointing the Executor in Your Will
Writing your Will before you get Dementia or die an early death is a good way to protect your loved ones and make arrangements to take care of them even in your absence. Regardless of your age, preplanning to ensure your affairs are in order before your passing will be beneficial to your loved especially when they are financially dependent on you. If you have already decided to make a Will, then you must have done your share of research and realised that you need to appoint one or more people to be your Will's executor.
What Is the Role of an Executor?
An executor or the estate administrator is the person you have appointed who will be in charge of ensuring your wishes in the Will are properly carried out after your passing. The executor will have a strenuous job that may last for months including getting your death certificate and sending the copies of the same to financial institutions such as banks, insurance companies, etc.
The executor will also be in charge of getting certified copies of the Will and arranging all financial documentation including estate and property documents. They will also have to work out all the money owed with concerned institutions such as debts or loans and the remaining money should be divided according to the Will. Another important role of the executor is to apply for probate for which they will need to hire probate specialists who will take care of all the documentation and legal aspect of the work. The executor is also responsible for distributing property among the beneficiaries on time.
Who Can You Appoint as an Executor?
The only rule for appointing an executor is that they should be of legal age and sound mind. You can choose to appoint one of your family members or a close friend as an executor. But the better option is to appoint a professional executor, or both as you can appoint up to four executors. The best option is to appoint a family member or a close friend to deal with family matters and a solicitor to deal with all the legal aspects such as documentation, tax, and property issues.
What If You Have No One?
There are many cases where the designator does not have a trusted family member or a close friend to appoint and are unable to appoint a professional executor. For example, in cases where the designator has underage children or someone with a mental disability or just one beneficiary, a government official called the public trustee will be the executor.
by sejalshah on 2021-07-15 06:03:32
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