4 Reasons why an Executor is Important
An executor is an essential factor in managing a person’s final estate. That appointed individual is responsible for making decisions and guaranteeing that everything about the distribution of the assets is done legally. There are four important reasons why a careful decision must be made when it comes time to appoint one.
The executor guarantees that a person’s final wishes are carried out.
An executor is obliged to carry out the wishes of the deceased as stipulated in the will. Therefore, those wishes must be respected, and the legal and financial matters related to the estate must be effectively managed. An executor takes on a great deal of accountability and must be vigilant in their mission to ensure all the conditions of the will are filled. The executor also has to provide comfort and security for the beneficiaries during a traumatic time.
The executor settles debts and distributes the estate’s assets promptly.
Any outstanding debts, such as credit card balances or taxes, must be paid before asset distribution. The executor has the responsibility of doing that. Additionally, creditors must be made aware of the death, income taxes must be paid and the returns submitted, and any debts incurred by the estate must be settled. The executor must provide evidence that payments were made. Finally, if a court order is required, the executor must obtain it. The importance of these tasks must be considered because if they are not successfully performed, the estate may be wrapped up in probate court indefinitely.
The executor oversees the distribution of assets
The executor has the power to distribute the assets in accordance with the will. Due diligence, discretion, and absolute fairness are qualities of a good executor. Meticulous records must be kept to prove that the distribution coincided with what the deceased wanted.
The executor is responsible for keeping records, filing reports with the court, and interacting with the IRS.
Records keeping is a critical function of the executor. Some reports must be filed with the court, and the Internal Revenue Service must be informed of the estate. Consequently, whoever is appointed executor must have good organizational skills.
Part of a Group Legal Plan Benefit
Group legal plans will offer writing simple wills to the membership. Additional services make this a great benefit. Countrywide Pre-Paid Legal Services will write a simple will for group legal plan members and do a little extra.
We use a nationwide network of attorneys to assist our plan members. These legal professionals know how to draft a simple will and understand that some additional pre-paid legal services should be provided. For example, a Countrywide lawyer will advise a person about the importance of appointing the right executor. Our attorney will patiently explain what qualities an executor must have and assist in selecting a good one.
However, it is understood that the group legal plan member will be the one who selects the executor. We will only advise. The guidance from our counselors is valuable and helps a person make the right decision.’
The Organization Is Involved
We ask prospective clients to assist in creating their group legal plan. We explain our pre-paid legal services to upper management and ask them to decide on the benefits. Those options which they choose will be part of the final plan document. Countrywide provides the member services and administration for the plan.
We guarantee that our attorneys have high levels of emotional intelligence and keep open communication with the client. In addition, we make a point of solving problems as soon as possible.
A good executor ensures all the administration and distribution of an estate are carried out efficiently. It gives peace of mind to both the plan member and the beneficiaries. We have other pre-paid legal services benefit options that help people deal with everyday legal situations. Please feel free to contact us at your convenience if you have any questions about our services.
