z
Executor
to handle your estate...
Considering
this person the chief executive of your life -- after your life.
One
of the most important decisions you'll make in your estate planning is
whom you will name as the "ideal person" executor of
your estate.
"If
you don't have a Will, or make one without naming an executor or one
that predeceases you, the probate court will name an administrator (at a
cost) who basically does the same job, except that the Court decides who
gets your money. And, this executor may be someone you don't know or,
even worse, someone you do know but intensely dislike."
z
Professional
associate or agent
The
advantage of appointing professional associate or agent or
corporation as the executor is that we will be around when you
need us. We will offer our expertise in administering estate settlement
process, and executor of your estate matters as smoothly as possible and
with a minimum of financial and emotional damage to your survivors.
Ensure proper filing and assets distribution to your beneficiaries.
As the appointed executor for your estate, we will figure out every
asset in your estate and the amount of any debts you owe until the
estate is settled and closed.
The
work of an executor is complex and time-consuming that generally lasts
an average of two-to-three years. It requires detailed knowledge of
several disciplines, including tax planning, investment management and
property management, areas that one often beyond the experience of most
individuals.
The
duties of an executor fall into four broad categories:
1.
Identifying, protecting and valuing estate assets.
2.
Meeting liquidity needs.
3.
Paying creditors, including all appropriate tax authorities.
4.
Distributing estate assets.
z
The
surviving spouse
If
you are choosing a relative or surviving spouse, it's often a good idea
and it's not uncommon, but you will want to consider a few things. Your
spouse already emotionally drained upon your death. Taking on the role
of executor may be too much of a burden. If your spouse is not
financially astute, he or she may be susceptible to an unscrupulous
relatives or other people offering to take care of the estate for huge
fees.
