The Elder Law Minute: Choosing the right executor for your will
One of the most important decisions for a testator (person who signs a will) is the appointment of an executor. An executor is responsible for carrying out the testator’s directions concerning the dispositions set out in the will. An individual often appoints his or her spouse as executor unless the spouse is unable to handle the job, in which case a child or someone else knowledgeable about the testator’s estate is named. Alternatively, a co-executor may be appointed to act together with the spouse or another individual.
The executor is the individual who is ultimately in charge of having the will probated. Through that process, the executor gathers all the assets that will pass through the will (as opposed to those assets that will pass to joint owners or which have named beneficiaries) and pays the debts and expenses of the estate.
The Executor is also responsible for investing the assets in the estate and managing any property. The estate’s assets must be managed prudently, or the executor may be held accountable to the beneficiaries and to the court for any negligence, waste or mismanagement. It is strongly recommended that the executor seek professional advice for the management of the assets of the estate.
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