Having an estate plan is an important step for all Ohio residents. While it might be uncomfortable to think about the future in this context, there is comfort in knowing that a person is well prepared and is ensuring their property goes where they want it to go after they are gone.
Regardless of how much property a person has, an estate plan is integral. Those who have substantial assets and a large family will undoubtedly want some form of estate plan. But even those who do not believe they have sufficient property to warrant it will discover, after taking an inventory, that they have many items of value that they will want to account for in their document.
A will is the simplest estate planning option. When writing a will, there needs to be an executor to administer the estate. When deciding on an executor, the person who writes the will (the testator) should be fully aware of the importance of the role based on the various laws of the state and name a qualified person to fulfill it.
What does an executor do?
The executor will be the testator’s conduit after their death. Their function is to make certain their wishes are carried out. For example, if the testator had real estate they want to leave to a certain person or they wanted it split, it is up to the executor to collect the asset and distribute it. This is true with any asset whether it is real estate, jewelry, automobiles, money, investments, collectibles or sentimental items.
It is imperative for the testator to understand what the person owned so nothing is missed. With more people accumulating digital assets, this can be a point of confusion during probate when the person’s property is accounted for, and the will is proven to be valid. The executor must also make sure to pay the testator’s outstanding debts. That includes taxes.
If a person created a will with help from a professional, it will likely be clear as to what they wanted and how they preferred their assets to be distributed. However, some people do not go that route and write a quick will on their own. This can make it harder to decipher. The executor should be completely up to date and know what the testator meant by what they wrote in the will.
The executor must perform other duties like informing beneficiaries of the testator’s death, accounting for what is in the estate, filing with the probate court, and addressing any claims that are made by creditors.
Make sure to select a trustworthy person as an executor
People who create an estate plan might think they have done all they need to do to shore up their future, protect their assets, and take care of their loved ones. However, even the most attentively crafted wills can be upended by failing to name the right executor who can do everything that needs to be done. For these and other estate planning concerns, it is essential to have professional assistance from the start.
