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Choosing an executor is necessary when estate planning

If you have started planning your estate, then you may realize that you need someone to become an executor for your estate. An executor has an important job to do. He or she is in charge of making sure your last will and testament is carried out as you wished. The executor must make sure your property and assets are cared for and that debts are paid off. Any remaining property you have must be distributed to your beneficiaries, and that’s something your executor makes happen.

There is no law regarding who an executor has to be. It could be a good idea to work with an attorney as your executor, since he or she will be familiar with the law and working with the court. Anyone can be your executor, though, from a sister or brother to a friend or a child.

When you choose an executor, it’s wise to pick someone who is honest and who will carry out your wishes. The individual is required to act in good faith regardless of who it is, but you can choose someone who you know you can trust to make the transition easier. Remember that the executor isn’t entitled to your estate or to proceeds from selling property from your estate. If you wish, you can will something to the executor. Usually, executors are entitled to a fee as compensation for taking care of the estate and administering your will, and that fee may be large depending on the size of your estate and whether or not your estate is complex.

Source: FindLaw, “What Does an Executor Do?,” accessed Jan. 17, 2018