One of the most important decisions in drafting your will is choosing the executor of your estate. This individual plays a key role in filing your will and death certificate, closing accounts, and ensuring your final wishes are fulfilled. Shounbach offers professional services from an estate administration lawyer in Fairfax, Virginia.
One of the most important decisions in drafting your will is choosing the executor of your estate. This individual plays a key role in filing your will and death certificate, closing accounts, and ensuring your final wishes are fulfilled. Shounbach offers professional services from an estate administration lawyer in Fairfax, Virginia.
Choosing the right executor is essential for your peace of mind. Here are a few key factors to consider.
Key Duties of an Executor
Being an executor comes with significant responsibilities. Some of the key tasks include:
- Obtaining the death certificate.
- Locating the will and submitting it to the court.
- Gathering documents related to the estate, such as insurance policies, bank accounts, investments, and property.
- Identifying and valuing all probate assets.
- Notifying heirs, beneficiaries, and relatives within 30 days.
- Hiring professionals like attorneys or accountants to assist with estate administration.
- Paying taxes and settling debts from the estate’s assets.
- Defending the estate against improper claims.
- Filing an inventory and accounts with the Commissioner of Accounts.
- Distributing remaining assets as outlined in the will.
Only Name One Person as Executor
You may think about appointing two or more individuals as co-executors in case one is unable to fulfill the duties or predeceases you. However, this can often lead to conflicts. To avoid confusion, it’s usually best to choose a single executor unless both of your executors are also your only beneficiaries. There may be a strategic benefit to using that approach for some families that you should talk to an attorney about.
An exception to this could be naming your spouse. Keep in mind that if both of you pass away together, like in an accident, you’ll be left without an executor.
In any situation, the best practice is to name an executor and then one or two alternate executors if the primary person you name is unavailable or predeceased.
Select Someone You Trust
You have the option of selecting either a trusted individual you know personally or a professional to serve as your executor. If there’s no one in your circle that you feel comfortable entrusting with this responsibility, consider hiring a professional specializing in estate matters. Shounbach may be able to serve as executor for your estates and if they are not able to do so, can refer you to someone who is better suited, such as a financial institution or corporate fiduciary who can help you navigate the process.
Since an estate plan outlines all your final wishes, including any Power of Attorney or trust documents, your chosen executor must be capable of managing these responsibilities with care and competence.
Estate Administration Lawyer in Fairfax, Virginia
If you have questions about choosing an executor for your estate in Virginia, the Virginia estate planning and administration attorneys at ShounBach are here to help. We can assist people throughout Northern Virginia from our office in Fairfax. Contact us today at 703-222-3333 or through our online contact form to find out what we can do for you.
