How-to Choose Your Executor


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Choosing a qualified executor to administer your end-of-life documents, such as a will or estate plan, is necessary for a short and inexpensive probate proceeding. The executor’s role carries many responsibilities and should not be taken lightly. The person you choose to be an executor should be consulted
and well-prepared for handling your legal, financial and business matters.™ and Robert L. Shepard, attorney at law know that choosing the right person is an important decision. Use this guide to help you pick the best
person for the task.

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How-to Choose Your Executor

  1. 1. End-of-Life-Management Workshop #2 ©2013 Passare Inc. All Rights Reserved
  2. 2. While I thought that I was learning how to live, I have been learning how to die. Leonardo da Vinci ©2013 Passare Inc. All Rights Reserved
  3. 3. Definition: Executor vs. Trustee • Executor • personal representative • conducts all the legal actions required to fulfill your will • Trustee • similar to an executor but is assigned to administer a trust document, not the will or estate plan. ©2013 Passare Inc. All Rights Reserved
  4. 4. Executor Responsibilities An executor provides financial management and regulation such as paying taxes, bills and business transactions. ©2013 Passare Inc. All Rights Reserved
  5. 5. To administer an estate, the executor will: • • • • • • • • • File the petition for probate and administration Collect and safeguard assets Appraise and value all assets Deal with creditors’ claims File all estate, fiduciary income, and individual income tax returns Make adjustments in estate records to reflect changes in assets’ tax cost basis Distribute the estate Prepare accounting Close estate administration ©2013 Passare Inc. All Rights Reserved
  6. 6. Executor Powers • Power to hire professional help • Power to retain certain kinds of property in the estate • Power to mortgage, lease, buy and sell real estate • Power to borrow money • Power to take advantage of tax savings ©2013 Passare Inc. All Rights Reserved
  7. 7. 5 Tips on How-to Choose Your Executor 1. Pick a Finance Expert • An executor will pay your taxes, distribute your personal property, manage financial accounts and pay bills after you die. 2. Have a Secondary Executor • Choose another executor in case your primary is unable to serve. 3. Choose a Co-Executor • Sometimes it is necessary that two or more people serve at the same time. 4. Do Not Pick Your Spouse as an Executor • It can cause emotional distress. 5. Choose someone with whom your beneficiaries feel comfortable and whom you trust to handle your estate. ©2013 Passare Inc. All Rights Reserved
  8. 8. What’s Next • Carefully go through your business and personal accounts, assets and properties. • Assess the complexity of your estate to determine whether your chosen executor(s) can handle the job. • If your estate is too complex for your executor(s), include provisions in your end-of-life documents to hire professional help. • Review the contents of your will or trust with your executor(s) so that they fully understand your wishes and can decide whether they agree to the role. • Make sure your executor(s) know where your endof-life documents are located. ©2013 Passare Inc. All Rights Reserved
  9. 9. There’s MORE! 1. 2. 3. See an Example of an Executor Form Get a Full Executor Checklist Glossary of Executor Terms Download Our FREE How-to Choose Your Executor- eBook Get Your FREE eBook Sources: ©2013 Passare Inc. All Rights Reserved