An executor – also known as a personal representative or administrator – is appointed in your will, and is responsible for settling your estate and affairs upon your death.
Think about how you want your affairs handled after your death. Not only is it important to consider whether a will or trust is appropriate for you, but it's also of equal importance to decide who you'd appoint to handle these affairs.
The executor's main responsibilities are not to be taken lightly. Their responsibilities include:
- Opening and closing probate with the courts
- Collecting and protecting assets
- Creating a detailed inventory with date of death values for the assets
- Filing creditors' claims
- Filing final tax returns
- Distributing to beneficiaries according to the terms of the will
Naming this person deserves careful consideration. Think about their ability and available time to settle your estate, the relationship they have with any beneficiaries, and the impact the role could have on those relationships. Most importantly, consider the person's desire and capability to take on the role.
Talk to the people you're considering. Be sure they're agreeable to being named in your will, and make a decision from there.
Questions? Reach out to one of our professionals at BECU Trust Services. We answer any questions about the process and refer you to an attorney. Contact BECU Trust Services at 206-812-5176, or firstname.lastname@example.org.
BECU Trust Services is a trade name used by Members® Trust Company under license from BECU. Trust services are provided by Members® Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. This is for informational purposes only and is not intended to provide legal or tax advice regarding your situation. For legal or tax advice, please consult your attorney and/or accountant. Trust products not federally insured, not subject to credit union or affiliate guarantee, and may lose value.