You have taken one of the first steps towards getting your final affairs in order – good for you! Now it is time to determine how you want your estate distributed – but that is not the only decision you will need to make. One of the most important decisions that you will face when creating your Will is choosing an executor – the person who be in charge of the responsibility of distributing your belongings according to your will – a decision that warrants some thought and consideration of a few important factors.
What Are The Executor’s Responsibilities?
Naming an individual as your executor is something that should be done after determining who would be best able to handle the responsibilities of the job. This is the person who will be responsible for taking care of all of your final matters, not just dividing up your household furnishings. Various administrative tasks are part of the job, including collecting mail and canceling credit cards, memberships, and subscriptions, paying your final bills, gathering information about your benefit or retirement plans and notifying the administrators of each of your death, and making an inventory of all of your assets and debts at the time of your death. This may include gathering information from your safe deposit box, your home safe or lock box, and from your will itself.
Who Should You Name?
Often times, people will name their spouse or child to serve in this capacity and, many times, this is possibly the best choice, as those who are closest to you usually are the most familiar with your financial situation and would have the most knowledge about what types of assets and debts you have in order to settle matters efficiently and expeditiously. Your executor should be someone you trust to handle the responsibilities and someone you believe will be around to accept the responsibility when the time comes to do so. For this reason, choosing your parent or an older sibling may not be the best choice. It is advisable, also, to name an alternate in the event you outlive your named executor or even co-executors if you believe the matter is best handled by a team. Under Alabama law, you can name anyone as long as they are at least 19 years old, competent, and have not been convicted of an ‘infamous’ crime.
Contact Cloud Willis & Ellis, LLC When You Need Estate Planning Work
The estate planning process is one of the best things you can complete to finalize your matters, but everyone’s needs are different. Whether you have some idea of what you want to accomplish or you have no idea where to start, the office of Cloud Willis & Ellis, LLC is here to help. We will work with you to find an estate planning solution that works for you based on your individual circumstances. Our estate planning attorneys have helped clients of all ages and from all walks of life to determine what is best for each of them. Regardless of how extensive your estate planning process is, we will help you to ensure you have covered everything. Contact the office of Cloud Willis & Ellis, LLC and schedule your initial consultation today.