NBSB Celebrates Older Americans Month – Week 2: Choosing an Executor
Executors, Estates, and Your responsibilities
Considering an Executor of your Estate is both an important and sensitive step in protecting yourself and your assets.
What is an estate?
What happens to my assets after I am gone? – All the money and property owned by a particular person, especially at death. Basically, everything you own or have in your possession becomes a part of your Estate.
So now that you understand what your “estate” will be, now its time to choose someone to oversee that for you after your passing. They do this by representing the final wishes of yours made clear in your will. This includes distributing assets to beneficiaries, satisfying any outstanding bills or loans, paying taxes and more. The person in charge of these duties is known as your executor.
What is an executor?
the person designated to make sure that the contents of a decedent’s (the person who died) will, which represents the final wishes of a deceased person, are carried out. Executors work for the estate from the time of passing until probate is complete.
What are your responsibilities to prepare for this?
- Review your will
- Secure the consent of an executor of your choosing
- Share the details of those intentions with your beneficiaries
- Be clear about your final wishes
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