Perhaps one of the most important decisions a Springfield makes when he is writing his will is his choice of executor. While involving a different type of document and process, very similar things can be said about choosing a trustee.
What does an executor do?
Basically, an executor is supposed to gather up the estate’s assets and make sure they are properly maintained. The executor will then pay off all creditors and other expenses and will then distribute whatever is left to the heirs and beneficiaries.
The executor actually has several detailed legal responsibilities that are spelled out in Illinois law. These responsibilities include filing certain reports with the court, sending out legal notices, and the like.
The executor will also have to either pay or defend against claims filed against the estate’s assets. The executor may also have to file lawsuits against those who owe the estate money.
Ultimately, though, the executor has to maintain and carefully account for the property of the estate until she is able to distribute property to the heirs.
Executors should have the time, willingness and ability to do their legal duties
In short, if an executor does not perform his duties well, it can lead to legal problems or financial losses for the estate.
The key question, then, is whether a person writing a will believes her preferred executor will have the time and ability to perform important legal responsibilities.
An executor should also be willing to do the job, which is why a person making a will should talk to her executor of choice before finalizing the will.
Finally, the executor should be trustworthy and as someone who other heir and beneficiaries as fair and objective.