Below are some more answers to frequently asked questions about the role of executors when it comes to the administration of wills.
A: Pretty much anyone – ranging from a relative to a legal professional – can be named as the executor of a will. In general, however, people tend to specifically name at least one of the following individuals to be the executors of wills:
Here, it is important to note that, if relationships change (like, for instance, if a person ends up going through a divorce), it will be critical that the individual updates his/her. This will ensure that an appropriate person is named as the executor of the will (and to avoid situations such as an ex taking over executor duties, especially if the divorce left the former spouses on less than good terms).
A: While nearly anyone can be named as an executor to a will, the most important qualities to look for when you (or a loved one) is choosing an executor are:
If an executor is less than honest or has problems being able to stay on top of deadlines because (s)he is disorganized, a number problems can arise, and this can result in a substantial portion of assets being paid to creditors (instead of the chosen beneficiaries of a will).
A: Executors are entitled to payment by state laws, and probate courts may also set payments for executors (if an estate proceeds through probate). However, whether or not executors choose to request or take payment for their duties will typically depend on:
For some additional answers to frequently asked questions about executors’ roles, be sure to check out the final installment of this blog to come…
When you are ready to develop a will or if you need any assistance with estate planning or administering wills, you can turn to the wills and estate planning lawyers at Phillips & Blow, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs. We take pride in helping each of our clients and their families find the best solutions for them.
Our goal is to help our clients efficiently navigate the complexities of the law so they can develop effective, prudent solutions that will protect them, their assets and their families in the future.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.