You have to go through a lot to pick an executor. While you may have your reasons for selecting a particular party, you should treat the selection like a job interview. That means asking the right questions and making sure the prospective executor has the right answers. When you’re ready to pick out your estate’s executor, consider these questions.
1. What are their qualifications?
2. If appointed, do they qualify?
3. If appointed, what happens if they can’t qualify?
4. What happens if the designated executor passes away? Who will be their back-up?
5. How much time are you giving yourself to select an executor? What is the cut-off for interested individuals to apply?
6. In what county or office must your executor apply for the position?
7. What will your executor need to include in their application?
8. What filing fees are associated with appointment?
9. Who notifies potential beneficiaries? Your executor or the court’s clerk?
10. How long is the executor in charge? What duties will they take on?
Always consult your estate planning attorney when selecting an executor and writing out a plan for them. Once an executor is appointed, this individual will have power over your estate and any associated assets. Therefore, you should not make this decision lightly. An attorney can help you select a responsible, organized individual to manage your estate, file paperwork with the courts and make sure your estate is paid up on debts, obligations and taxes.
It is best to familiarize yourself with the role of your executor as well. By understanding the duties involved, it may be easier to make a sound selection.
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