Law Offices of Anthony R. Scifo – Naming an Executor to Your Will – Call 847-628-8311
Naming an Executor to Your Will
When it comes to distribution of an estate’s assets, the executor serves a critical role and may do a number of tasks, including:
-Obtaining valid copies of a death certificate.
-Make arrangements for visitation and funeral services.
-Locate heirs who may be in distant areas.
-Make arrangements for an estate sale.
-Go to probate hearings in court.
-Send notifications to creditors.
-Identify and hire professionals such as a lawyer and accountant.
Handling such a wide variety of time-consuming tasks might not be a suitable endeavor for everyone. That’s why it’s important to select an executor who will act responsibly and adhere to directions according to the will. Your executor doesn’t necessarily need to possess legal or financial expertise, although it can be helpful. A lot of people name a relative to be their executors. The relatives often end up spending the estate’s funds for professional help on taxes and other distributions. Consequently, heirs receive less than they would have if the executor had financial expertise.
While in some cases it may not be wise to select a person who benefits from your will, people frequently still name a spouse as their will’s executor. Others choose a sibling or other relative, a friend or a business associate.
Some people choose a lawyer or even a trusted financial institution as their will’s executor. The advantage of selecting a lawyer is their knowledge of Illinois and an understanding of the executor’s obligations. Plus, if necessary, a lawyer can appear in court. Financial institutions also offer expertise, but can get expensive. In practically any case though, choosing an executor is an important decision.
If you would like assistance in naming an executor or drafting a will, contact the Law Offices of Anthony R. Scifo.