What is an "Executor" of a Will?
When you draft your Will, you will be asked to choose an Executor. But what is an Executor, and what will they have to do if something happens to you? This is important to know to help you choose the right person.
The Executor will first need to find an attorney to help with filing of the proper paperwork in the proper court. Once the Court formally appoints the Executor he/she will gather all of your assets, make a detailed inventory of those assets, possibly sell some or all of the assets, and finally distribute the assets pursuant to the directions of the Will document. In estates I probate, I provide the Executor with a detailed checklist of what needs to be done.
The type assets the Executor will need to inventory are; bank accounts, brokerage accounts, annuities, life insurance policies, real property, automobiles, jewelry, artwork, household items, and cash. Providing this information to the attorney drafting your final documents will make the process much easier for your Executor.
So when choosing your Executor, think about someone you trust, someone who is responsible, and someone who will have the time to carry out the responsibilities. Its always best to run this by the person you are choosing ahead of time. Make sure they agree to take this on. It is no small task.
Have a great week!