Choosing the Right Executor for Your Will
The executor of your will is the individual who will be responsible for honoring its contents, assessing the property in your estate, resolving debts, and distributing the remaining property as you wish. Knowing who to choose as your executor can be a difficult choice, as it is a great responsibility and can also take quite a bit of time. There are factors you should take into account when choosing an executor, and a Boca Raton estate planning attorney can help with the process.
The Fiduciary Duty
Executors must abide by a fiduciary duty to the beneficiaries of your estate. This means that they must complete all necessary tasks in a proper manner, manage assets prudently, and abide by the terms of the will. Fiduciaries should never act in a biased or self-serving manner when administering a will. You should always make sure that the person you select as your executor is willing and able to abide by this duty,
Not Always the Obvious Choice
You might immediately look to your spouse or oldest child to serve as your executor, as these are traditionally the individuals that filled this role. However, your spouse might not have a clear idea of how to handle these matters, and your oldest child might live across the country and be too busy to take care of everything when necessary. You can consider others, including cousins, friends, or younger adult children, and you might even want to hire a professional to do the job. There are many options to consider with your lawyer.
Connect With a Boca Raton Estate Planning Attorney For Help
Our law firm assists with all aspects of estate planning, including selecting an executor and other important roles, such as powers of attorney. Reach out to Rubino Findley to schedule an appointment to discuss your will and its executor today.