Deciding on the executor is perhaps the most important decision in preparing a will. The executor is in effect the business administrator of your estate and has responsibility as well as legal and financial liability to beneficiaries and creditors of your estate. The named executors are responsible for settling the estate. When an executor settles an estate, the executor will hold assets until distribution, pay for funeral expenses and various debts, pay applicable taxes, and finally make sure that assets of the estate are distributed in accordance with the will. In choosing an executor, make sure he/she has the integrity to serve, knowledge of financial matters, a basic understanding of taxes, impartiality, and the availability for the time consuming job of being an executor of the estate. If you need assistance with the preparation of a will or any estate planning documents, contact the Criss & Rousseau Law Firm at 254-699-9999 or 409-515-6176, or [email protected].
For more information, see Selecting an Executor for Your Estate, Trust and Estate Planning, June 1, 2017.