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Difference between revisions of "Preparing a Will and Estate Planning"
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Preparing a Will and Estate Planning (view source)
Revision as of 16:54, 2 April 2015
, 16:54, 2 April 2015→How should you choose an executor?
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Choose an executor you trust and who will likely be alive when you die. He or she may be a trusted family member or friend; in many cases, you might appoint your spouse, or if you are both elderly, an adult child or children. It helps if he or she is also organized, good at keeping records, and a good communicator. Most importantly, the person must be willing to take on the duties of executor. | Choose an executor you trust and who will likely be alive when you die. He or she may be a trusted family member or friend; in many cases, you might appoint your spouse, or if you are both elderly, an adult child or children. It helps if he or she is also organized, good at keeping records, and a good communicator. Most importantly, the person must be willing to take on the duties of executor. | ||
If you have a second family (called “blended”) with step children, it is important to talk to a lawyer to ensure that the wishes of both you and your spouse are followed. Your will does not have to be the same as your | If you have a second family (called “blended”) with step children, it is important to talk to a lawyer to ensure that the wishes of both you and your spouse are followed. Your will does not have to be the same as your spouse's, but it is important to consider all aspects of your family situation. | ||
If desired, you can appoint more than one executor who can then act together as co-executors. You should also appoint an alternate executor if the first executor isn’t able to act. If you have a complex estate or investments or need someone to take over the operation of a company, you should name a professional executor who may be a lawyer, accountant or other professional. Trust companies also accept executor appointments if the estate is big enough. There are additional costs involved if you appoint a professional or trust company, but in some cases, you might need to do this. | If desired, you can appoint more than one executor who can then act together as co-executors. You should also appoint an alternate executor if the first executor isn’t able to act. If you have a complex estate or investments or need someone to take over the operation of a company, you should name a professional executor who may be a lawyer, accountant or other professional. Trust companies also accept executor appointments if the estate is big enough. There are additional costs involved if you appoint a professional or trust company, but in some cases, you might need to do this. | ||