Part of writing a will is choosing an executor, the person who oversees the estate settlement process. Perhaps you are the executor for a loved one’s estate. It is an important job. Be sure you know what you have signed up for and who should fill the job for you.
As an executor, these are your main responsibilities:
- Notify all interested parties and agencies of your loved one’s passing.
- Hire an attorney, at the expense of the estate, to guide you through the probate process, if necessary.
- Locate the will and file it in court.
- Notify the beneficiaries named in the will.
- Inventory all assets and have them appraised, if necessary.
- Collect all debts owed to the estate.
- Pay valid claims against the estate.
- File tax returns.
- Distribute assets and obtain receipts from the beneficiaries.
- File papers to finalize the estate.
How to Select an Executor for Your Estate
Part of your own will planning process is selecting the person you would like to fill this critical role. The best person for the job? You should pick someone responsible, organized and trustworthy. Common choices are a spouse, an adult child, a sibling or a close friend. The most important consideration is whether the person can handle the various responsibilities of administering your estate.
Talk with the person you are considering and make sure she or he is willing to accept the responsibilities. Part of your discussion should include your values and philanthropic vision so your executor knows what is important to you.
If you do not have a friend or relative you trust to complete these duties, do not worry. You can name a bank or trust company to settle your estate for a fee. Many banks have expertise administering estates, especially larger estates.
Quick tip: It is a good idea to select a backup executor in case your chosen executor is unavailable.
Need Help?
If you have questions or need help locating qualified professionals to assist you with your plans, please contact Daniel Barton at 601.266.6428 or daniel.barton@usm.edu. He is happy to help and can show you how you can extend your support of The University of Southern Mississippi through your will.