It is important to consider all of the details when you are planning your estate. Some people think that the execution of a last will is the simplest way to arrange for asset transfers. This is debatable, because the estate must be probated when you use a last will to facilitate the distribution of your resources.
Probate is the legal process of estate administration. The will must be admitted to probate before the heirs to the estate will receive their inheritances.
Role Of Executor
When you create your last will you should nominate an executor or executrix. This is the estate administrator. An executor is a male who serves this role, and an executrix is a female estate administrator.
The executor will conduct the business of the estate.
If you do not choose your own executor, the court would be forced to appoint a personal representative to administer your estate. Under these circumstances there can sometimes be conflicts of interest, so you should certainly nominate an executor of your own choosing.
The role of the executor is not a ceremonial one. There are some very important business oriented tasks that must be completed during the probate process. For this reason you should select someone who has a good bit of business acumen.
Time is a factor as well. Depending on the size and scope of the estate in question, the executor may have to devote a great deal of time and effort, so you should nominate someone who has the time that it will take to get the job done.
Then there is the matter of geographical location. If you reside here in the state of Connecticut, you probably do not want to nominate an executor who lives in Hawaii.
We would also like to touch upon the matter of age. As a responsible individual you should have an estate plan in place as soon as you become a self-supporting adult. The executor that you nominate may not be called upon to act for decades.
Therefore, you should nominate an executor who is likely to be alive and well when you pass away.
Free Report on Estate Administration
Our firm has assembled a rather extensive library of free special reports that cover various different estate planning and elder law topics. One of these informative reports is dedicated to the subject of probate and estate administration.
If you would like to learn about estate administration and the role of an executor in detail, download your copy of the free report. Once you digest the information contained within the report, you will have a solid underpinning of knowledge to draw from going forward.
To access the report, click the following link and follow the simple instructions: Hartford CT Estate Administration Report.