Who Will Carry Out Your Wishes?
Your career is in no small part predicated on providing for your family. To this end, designing an effective estate plan is a large step toward ensuring the financial security of your loved ones after you pass. Equally important, however, is choosing the appropriate party to administer your plan.
The attorneys at Coodin & Overson, PLLP, have the knowledge and experience to help you select the proper executor. For more than 30 years, we’ve assisted individuals and families in Lake Elmo and Woodbury and throughout the region in their efforts to develop and administer plans for their estates. We’re ready to assist you, too.
What Does An Executor Do?
In most cases, the executor will assume responsibility for the deceased’s financial affairs. He or she will oversee distribution of the deceased’s assets and will arrange the payment of debts and other expenses.
To perform one’s duties responsibly, the executor must:
- File the deceased’s will with the local probate court.
- Notify financial institutions — including the Social Security Administration, credit card companies and banks — of the decedent’s death.
- Establish an account or fund to collect any payments due to the decedent and to pay any ongoing obligations.
- Seek out missing or unclaimed assets.
- Maintain the decedent’s property until it is distributed or sold off.
- File and pay the decedent’s outstanding taxes.
- When necessary, represent the estate in court proceedings.
How Do I Choose An Appropriate Executor?
Given the responsibilities inherent in the job, the successful administration of your estate depends on finding the right executor. The most essential element in this decision — beyond making sure your executor has the competency to carry out administrative tasks — is trust.
Many rely on a family member to act as executor. However, if favoring your spouse over your children or one child over another is likely to cause discord, then it may be beneficial to have a close friend take on the role. Likewise, it is common to name an impartial third party — such as a bank or a trust or a lawyer — to assume the role of executor.
There are advantages and disadvantages with nearly every choice; if you would like to discuss your options with us, we can help you sort through them. For a consultation, you can reach us at 651-319-5180. We’re also available to contact online. We look forward to hearing from you.