As Indiana families and individuals work to prepare for the future, an estate plan or will is often a big part of this. Whether you are young or old, there are benefits to creating an estate plan. This helps care for any minor children you have in the event of your death, determines where your assets will go and sets up ways to cover any debt you have. One choice that is extremely important is who will be the executor of your estate.
According to FindLaw, there are many options you can choose from when picking your executor. The most popular executors are children, siblings or spouses, but you can pick anyone you trust to execute your will. When you are searching, watch for organization, honesty and the ability to communicate. This person will be responsible for handling your most prized possessions.
An executor has the following jobs:
- Paying estate taxes
- Paying estate bills
- Distributing assets to beneficiaries based on the will you created
- Making any court appearances required for the estate
- Maintaining any property in the will until the final estate settlement
You should consider any family dynamics when you are appointing your executor. The person may end up handling any will contests or family fights about an inheritance. It is also important that your executor be close enough in location to be present at any court appearances. If the person does not live close, they must be able to travel when they are needed. If they live close, it is also easier for them to keep up on maintaining your property and handling any mail.
If you do not choose an executor before you die, the court will name one for you. The more decisions you make before you die, the better off your estate is.
This information is intended for educational purposes and should not be interpreted as legal advice.