As everyone knows, it's important to have a will. Without a will, at your death your assets will be distributed according to state law, which may not reflect your wishes.
One of a will's important functions is to name your executor (know in some stsates as a "personal representative"), who will be responsible for administering your estate and carrying out the provisions of your will.
Chosing the right executor can help ensure the prompt accurate distribution of your possessions with a minimum of family friction. You'll leave behind warm thoughts instead of hurt feelings. Picking the right executor is vital even if your estate is not large.
For example: Alice Hughes might have little more than a house and a small bank account. At Alice's death, though, her grown children are likely to fight over household possessions. Unless the executor is able to resolve disputes amicably, the heirs may end up resenting each other and may even incur legal fees to settle the issues of who gets what.
The executor's tasks include...
- Paying all expenses of the estate, including debts, taxes and funeral and burial costs from the estate.
- Distributing all bequests after expenses have been paid. This could include charitable donations and personal inheritances, as directed by your will.
To these ends, the executor must handle a great deal of paperwork, including tax returns. He/she will have to file appropriate forms with the court overseeing probate (the process of carrying out the terms of your will).
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