The process of estate administration is something to consider seriously when you are making preparations for the future. The best way to go about estate planning is to envision a turnkey situation. If you do things optimally, you can make things simple for your loved ones after you pass away. With this in mind, let’s look at the role of the executor of an estate in Charlotte North Carolina.
An executor is an estate administrator. When you create a last will you should include the nomination of an executor, because someone has to handle the business of the estate to make your written wishes become a reality.
If you don’t name an executor, the court will be forced to appoint a personal representative to act in this role. This could coincidentally be the same person that you would have chosen to be the executor, but there are no guarantees.
In some cases different people have different interests even though they are all going to be receiving something from your estate. If you don’t name an executor of your own choosing, a court appointed personal representative could potentially be somewhat less than objective.
For example, football star Steve McNair died without leaving behind a will, so he couldn’t name an executor. His wife was named personal representative. Some decisions that she made while serving this role negatively impacted McNair’s mother.
The extent of the duties that the executor must handle will depend on the estate in question. Someone like Steve McNair left behind a very complicated situation on a number of different levels. His family dynamic was somewhat unconventional, and he had vast financial holdings.
Even in simple situations the executor is going to have quite a bit on his or her plate. Final debts must be paid, and this would include taxes. Assets must be prepared for distribution to the heirs. This can involve appraisals and liquidation.
The executor is also the point of contact for all parties that have an interest in the estate. Because of this the executor must be a good communicator with a firm understanding of what is going on. The executor should also be someone who is capable of acting fairly. Ideally, the executor should not have significant personal interests intertwined with the business of the estate.
When you are choosing an executor in Charlotte North Carolina you should think practically rather than emotionally. The executor is going to handle a lot of business, so you want to choose a person with a good bit of business savvy. The administration of the estate can take time. The executor must have the time that it will take to complete these tasks.
Age is a factor as well. You would want to choose an executor who would likely still be alive and well at the time of your passing.
Latest posts by John Potter (see all)
- Our Ashland Trust Attorney Explains How a QTIP Trust Works - February 18, 2019
- What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
- What are the Advantages of an Irrevocable Trust? - February 14, 2019