Choosing the right executor is the most significant choice you have to make when planning your end-of-life affairs. By picking the right executor you’re assured that your belongings end up with the right people. With all the responsibility and authority that comes with this position, the perfect applicant has to be somebody who is genuine, reliable, great with paperwork and vigilant about gathering due dates. Read more: http://blog.passare.com/2013/09/20/how-to-choose-your-executor/ | Passare.com Blog

1. H o w - t o
C H O O S E Y O U R
E X E C U T O R
“A dinner invitation, once accepted, is a sacred obligation.
If you die before the dinner takes place, your executor must attend.”
-Ward McAllister
What is an EXECUTOR?
Definition: The executor is like a personal representative;
he or she will conduct all the legal actions required to fulfill
your Will. An Executor gathers assets, pays debts of the
deceased and the divides assets amongst the beneficiaries.
EXECUTOR WRAP UP
What are your duties as an Executor?
Power of Attorney vs Executor ?
The duties of an executor and attorney-in-fact (what the person you appoint
in your Power of Attorney) are very similar, but one has the authority to act
while you are alive and the other has it after you have passed away.
Commence and file the petition for probate and administration
Collect and safeguard the assets
Appraise and value all assets
Deal with creditors' claims
File all estate, fiduciary income, and individual income tax returns
Make adjustments in estate records to reflect changes in asset's tax cost basis
Distribute the estate
Prepare accountings
Close estate administration
vs
Guide the Will through probate to legal acceptance of its validity and
defend it against Will contest.
Collect the assets of the departed.
Transfer legacies and gifts to the beneficiaries.
Evaluate and pay claims against the estate, especially bills and taxes.
Raise money to pay these claims, sell estate assets if necessary.
Prepare and file a budget and accounting for the court.
What are your responsibilities as an Executor?
Take as much time as necessary to go over all
accounts, business and personal, as well assets and properties.
If you feel this responsibility it
is TOO MUCH for you to handle,
voice your concerns.
Requests within the estate plan
or Will should be clear and concise.
Once you begin the process of handling the estate,
you’re LEGALLY BOUND to complete the job.
http://www.law.cornell.edu/wex/table_probate
http://www.shepardestateplanning.com/
Twitter@PassareInc
Facebookfacebook.com/passareInc
Tumblr passareinc.tumblr.com
Learn more about End-of-Life management at Passare.com TM