In addition to creating an estate plan, you need to make sure you have someone to carry out your wishes once you have passed away. The person you name as the executor of your estate will have several responsibilities relating to the administration of your estate.
What are the responsibilities of an executor?
The person you choose as your executor has a fiduciary duty to act in the best interest of your estate. The executor has many legal responsibilities and is generally required to:
- Pay debts on behalf of the deceased
- Close bank accounts and credit card accounts belonging to the deceased
- File final income taxes on behalf of the deceased
- Locate estate planning documents and deceased’s assets
- Notify beneficiaries and potential heirs
- Maintain and manage property of the deceased
- Start probate process
Who can be my executor?
Just about any adult you know can serve as your executor. However, it may be in your best interest to choose a family member or close friend that is younger than you and in good health, as they are be more likely to be alive at the time of your passing. You should also make sure the person you choose is able and willing to handle the responsibilities listed above. Many older adults choose their adult children to be their executors.
A successor can also be named by you or the executor to take over in the event that the executor is unable to fulfill their duties.
If you are not comfortable assigning the executor role to someone you know, you may want to consider asking a bank.
As you choose your executor, consider all the responsibilities they will have when you pass away. Finding an attorney in the Coral Springs area that specializes in estate planning for seniors is critical to ensure that your family’s needs are met.
