Many people mistakenly believe that the issues involved with distributing the assets of an estate in Lee County are simple. In reality they are anything but. Just a few of the common details involved in settling an estate include notifying government agencies, creditors and insurance companies of the death, collecting money owed to the estate, paying the estate’s bills and filing tax returns, just to name a few.
Because of the often complicated nature of settling an estate, it is important that you select an executor who is up to the task. An executor is someone who makes sure that your final wishes are carried out as you had planned. Because the job can be very time consuming and sometimes mentally and physically taxing, an executor may be paid a percentage of the value of the estate for his or her time and efforts.
It is a good idea to speak with the person who you would like to be the executor of your estate and make sure he or she is okay with that before naming him or her in your estate plan. Talk with him or her about what is required, including the chance that, like all estates, your estate could be subject to probate. Discuss the option of the executor hiring an attorney and accountant to help with the details of the estate.
Deciding who should be the executor of your estate is not something to take lightly. You may wish to discuss your concerns with an estate planning attorney who can give you recommendations and suggestions on your choice of executor.
Source: White Lake Beacon, “Should you become an executor?” Jason Alderman, Aug. 19, 2013