Creating a last will and testament is important for the distribution of wealth, estate and other possessions in the event of a person’s death. Naming a competent and responsible executor for your last will and testament is essential. When choosing the right executor, special consideration should be taken because the executor will oversee fiduciary duties. Selecting someone you trust that can deal with the challenges of carrying out the responsibilities will determine whether or not your wealth will be distributed efficiently.
Choosing the Right Executor
A person is at liberty to choose anyone they would like to be the executor of their will. However, it is important that they carefully consider who this person is. You may name your spouse, adult child, financial advisor or attorney as the executor. Caution is advised when choosing a family member or friend, since they are more than likely to be affected by the stresses of mourning and monetary responsibility. However, any person is a good candidate regardless of relation if you feel they are competent, trustworthy and intelligent.
Responsibilities and Legal Qualifications
The chosen executor’s responsibilities include managing the estate, paying all debts, handling taxes and distributing wealth. As a rule of thumb, an appointed executor should be of good character, strong mental competence and not been convicted of a prior felony. The disqualifying felonies are dictated by the state in which probate is occurring. The selected executor must be over the age of 18 and must be a U.S. resident. An experienced probate attorney can best advise you if the person you chose in not a U.S. resident. Disqualification of a business partner, if selected as an executor, occurs if another business partner objects.
Consulting a probate attorney for legal guidance is important when making such an important decision.
For more information on choosing an executor, consult with the probate attorneys in McAllen of Barrera, Sanchez & Assoc., P.C. at (956) 287-7555.