If you pass away without a will, you may leave behind loved ones who are unsure of what to do next. This can be an incredibly challenging and stressful time for them, which is why it’s important that they know what legal steps to take in order to protect their interests.
In order to get the process started, someone needs to step forward as the executor of your estate. This person is responsible for collecting your assets and distributing them according to your instructions in your will. While there are several candidates for the position of executor, it's typical for family members or intimate acquaintances to take up the role due to their familiarity with the deceased's wishes and beliefs. Let’s dive into more detail about what an executor does and how you can find one if needed.
What Is An Executor?
An executor is a person who will oversee the process of collecting your assets and distributing them according to your instructions in your will. If you don’t have a will, the probate court will appoint someone to do this for you.
The executor is often the person who will be named in your will as the person who will handle your estate if you pass away. This person has the authority to collect your assets, pay off any outstanding debts, and distribute your remaining assets to the people named in your will.
So who can be named as an executor? Anyone who is 18 years old or older and who lives in the same state as you. If you don't have any family members who can be an executor, a probate court will choose someone to do it for you. A probate court will almost always appoint the state’s fiduciary public administrator.
Responsibilities Of An Executor
The executor of your will is responsible for collecting your assets and distributing them according to your instructions in your will. This includes everything from paying off any outstanding debts to collecting any assets you may have, such as stocks and bonds, cash, real estate, etc.
This person may also need to deal with any legal claims against your estate. In some cases, the executor may need to hire a lawyer to deal with any legal issues that arise.
Ensuring that your assets are accurately represented is crucial because it enables the executor to oversee the filing of your final taxes. If you don’t have a will, the probate court will appoint someone to do this for you.
How To Find An Executor
If you’re in the process of drafting a will, the first thing you should do is decide who should be named as your executor. Ideally, this person should be someone you trust and feel comfortable with. You should also make sure that this person has the time and the resources to finish the job, as this can be a very time-consuming process.
Ideally, you should also name a backup executor in case your first choice isn’t able to finish the job. If you already have a will and are searching for an executor, there are a few things you can do to find one.
First, you can ask your lawyer to recommend someone. You can also ask your family members and close friends if they would be willing to take on this responsibility. You can also look online for services that match people needing an executor with those who are willing to take the job.
The Importance Of Having A Will
Having a will is incredibly important for a variety of reasons, but perhaps most importantly, it allows you to fully and accurately represent your wishes for how your assets should be distributed.
Having a will also allows you to name a guardian for your minor children in the event of your passing, which can save your loved ones a lot of time and heartache. Having a will can also save your loved one’s money, as it will avoid them from having to go through probate.
Probate is a crucial legal process where a court carefully examines your will and assets to ensure that they have been distributed accurately. This can take a long time, cost your loved one's money, and cause added stress and anxiety. Having a will can also help your loved ones avoid any potential creditor claims against your estate.
Failing to leave a will may result in state law dictating the distribution of your belongings, potentially causing your cherished ones to be given assets that legally belong to another person.
Conclusion
Having an executor named in your will can be incredibly helpful. This person is responsible for collecting your assets and distributing them according to your instructions in your will.
In the event that you pass away without a will, the probate court will appoint someone to do this for you. Ideally, you should name someone you trust and feel comfortable with, and make sure that they have the time and resources to finish the job. Having a will is incredibly important, as it allows you to fully and accurately represent your wishes for how your assets should be distributed.