What Responsibilities Does an Executor of a Will Have?

executor, DuPage County estate planning attorneysCreating an estate plan is a vital responsibility regardless of your wealth or property. Surprisingly, approximately 60 percent of American adults have not even created a will, let alone any other type of estate planning document. Everyone deserves to decide how their possessions are passed down to heirs, but these decisions are left to state law when a person passes away without any estate planning instruments in place. If you are ready to start making your estate plan, you may be wondering who you should choose as the executor of your will. The executor has many key obligations, so it is important to choose someone who can fulfill these duties.

Completing Your Final Affairs

An executor is the person responsible for finalizing a deceased person’s worldly affairs. Executors, also called personal representatives, have a legal duty to act in good faith and with integrity on behalf of a deceased person. Executors have many responsibilities, including but not limited to:

  • Managing the deceased person’s property and belongings until they are distributed to heirs
  • Supervising the distribution of the deceased person’s property as per the directions contained in the will, or if there is no will, according to intestate succession law
  • Filing the will in the local probate court
  • Representing the estate in court
  • Terminating credit cards and notifying the deceased person’s bank of his or her death
  • Contacting the Social Security Administration and other governmental agencies regarding the death
  • Establishing a bank account for incoming funds and bill payment
  • Paying the deceased person’s bills such as mortgage payments, utility bills, and homeowner’s insurance premiums using estate funds and
  • Paying the deceased person’s debts and taxes

The person you name as the executor of your estate has a large responsibility, so it is important to choose someone who you think can sufficiently handle executor duties. Many people choose a spouse, sibling, or adult child to be the executor of their will but the executor does not have to be a blood relative.

Contact a Wheaton Estate Planning Lawyer

Estate planning can be a complex process with many elements that require legal guidance. If you are ready to draft your estate plans, turn to the trusted DuPage County estate planning attorneys at Stock, Carlson, Oldfield & McGrath LLC to get the help you need. Our lawyers each have an impressive 40 years of legal experience and we are prepared to handle even the most complicated estate planning issues. Call our office at 630-665-2500 today and schedule a confidential consultation to discuss your needs.

Sources:

https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

https://www.kiplinger.com/article/retirement/T021-C032-S014-7-tips-for-choosing-the-right-executor.html

The Holidays Could Provide the Chance to Discuss Your Estate Plans

holidays, Wheaton estate planning attorneysIt is hard to believe that the winter holiday season is here again already. By this time next week, you may be getting ready to sit down for Thanksgiving dinner with your family, loved ones, and friends. A few weeks later, many families will get together to celebrate Christmas, Hanukkah, the upcoming New Year. If your family members live in various parts of the country, the winter holidays could be the only time during the year that your entire family is able to be together. Therefore, I might also be the only chance you have to talk about important subjects such as estate planning.

Prepare for the Conversation

It can certainly be difficult to start a discussion about your estate plans. In fact, even just thinking about estate planning can be uncomfortable because doing so requires confronting your eventual death. The conversation, however, is too important to skip completely. There is no need for your estate plan discussion to take many hours, nor does it need to prevent your family from enjoying the holidays. You can control the situation and keep the tone light and positive, but you will need to do a few things in advance, such as:

  • Talk to certain people before everyone else is involved. It not the best idea to surprise your children or family members in front of everybody during the holidays by asking them to take on estate-related responsibilities. If you want your daughter to be your executor, for example, speak to her about it in private beforehand. When everyone is together, you can let them know that your daughter has agreed to take on the role.
  • Make a brief outline. If you do not have any set direction, your estate planning discussion could go on for a very long time—to the point where it takes over the whole holiday experience. To prevent this, make a short list of the key things that you want to talk about. Then, stick to the list! Other related topics will almost certainly be brought up, but do your best to limit tangents.
  • Cover the big things. The holiday discussion is probably not the place to spend time on the minor details. It really does not matter who is going to keep your bedroom television. What does matter is where your important documents are kept and how your plan accounts for the possibility of mental or physical incapacitation.
  • Let your family speak, not decide. Feedback from your family regarding your estate plan can certainly be helpful, but in the end, the decisions are yours to make. Some of your plans might not be open to debate, and that is fine, but tell your loved ones that. On other subjects, you might invite thoughts and ideas that could contribute to your ultimate decision.

Contact a Wheaton Estate Planning Attorney

If you are in the process of creating an estate plan, or if you would like to get started on one, contact an experienced DuPage County estate planning lawyer. Call 630-665-2500 to schedule an initial consultation at Stock, Carlson, Oldfield & McGrath LLC today.

 

Sources:

https://www.investopedia.com/retirement/thanksgiving-good-time-talk-turkey-about-estate-planning/

https://www.fa-mag.com/news/discussing-the-issue-of-aging-parents-41779.html

Common Estate Planning Myths Debunked

myths, Wheaton estate planning lawyerA survey conducted by the American Association of Retired Persons (AARP) shows that only about 40 percent of Americans have a will, trust, power of attorney, or other estate planning document in place. There are countless reasons that so many adults have neglected to create their estate plan. One reason is that many people do not understand the benefits that estate planning can offer them and their families. Some may only have a vague notion of what estate planning even entails and feel too overwhelmed by legal jargon to research estate planning further. Television and movies have not presented estate planning in a very positive light either. There are many myths and misunderstandings surrounding estate planning which are simply not true.

Myth: I Do Not Need to Worry About Estate Planning Until I am Older

When most people imagine someone writing a will, an image of an elderly or sick person comes to mind. The truth is that waiting until you are older to start formulating estate plans is a poor idea for several reasons. The validity of a will can be questioned if the person writing the will, called the testator, is not of sound mind due to advanced age or cognitive decline.

Secondly, estate planning does not only deal with what happens to a person’s debts and assets after they die. For example, some estate planning instruments can allow you to choose a guardian for your minor children if anything should happen to you and your children’s other parent. While it is unpleasant to think about, accidents happen every day and it is better to be safe rather than sorry.

Myth: Only Rich People Need Estate Plans

While it is true that higher value estates and estates containing complex assets require more extensive estate planning, the reality is that every adult can benefit from some type of estate planning – regardless of wealth or status. For example, many people have strong beliefs about end-of-life medical care. They do not want to be kept alive via a ventilator or feeding tube if they are in a vegetative state. Others wish to sign a “do not resuscitate” order, or a “DNR,” for personal reasons. Still others wish to dictate exactly what types of death-delaying medical treatment they consent to and what they do not want if they ever become incapacitated. Estate planning allows you to make these types of decisions in advance.

Myth: I Do Not Need to Worry About Estate Planning Because My Loved Ones Can Handle it

Losing a relative or close friend is one of the most heartbreaking life events a person can experience. When an individual does not have any estate plans to dictate what happens to their assets and debt upon passing away, this responsibility falls to their surviving loved ones. This can be a difficult burden for them to bear, especially when they have just experienced a loss. Making decisions about your healthcare and finances in advance saves your family from having to make these decisions on your behalf.

Contact a Wheaton, Illinois Estate Planning Lawyer

If you want to learn more about how estate planning can benefit you and your family, contact an experienced DuPage County estate planning attorney at Stock, Carlson, Oldfield and McGrath LLC. Schedule a confidential consultation by calling 630-665-2500 today.

Sources:

https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

https://www.moneycrashers.com/legal-myths-estate-planning-wills-trusts/