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How to choose an executor

Illinois families who have suffered a loss may discover just how much planning and effort it takes to manage an estate when a person passes away. Choosing an executor for estate administration is a task unlike any other. The decision to choose the person who will act as an executor is a serious one because the executor will play a significant role in probate, personal property and wealth protection matters when a person passes.

Submitting the will to the court as a part of probate administration, overseeing asset valuation and estate administration are responsibilities that are the power of appointment for the role of executor. The executor oversees the valuation of the estate. He or she may be responsible for locating and calculating all assets and liabilities. Tax filings are also the responsibility of this fiduciary. The executor's responsibilities for overseeing an estate plan can last years. Once the assets have been distributed and distributed among the heirs, the person's responsibilities end.

Choosing an executor is a difficult decision that should be based on a person's maturity level and knowledge of the family's values. Age may be a factor as well as a person's understanding of the family's unique financial situation. Location can be a factor. An estate might have multiple executors, which are often referred to as co-executors. Regardless of the executor chosen, the person appointed must be accepted by the court.

Individuals who are in the early stages of estate planning want to make sure that every financial matter is tended to expeditiously and equitably. Consulting an estate administration and probate attorney is a prudent step to take towards estate planning. Inheritance, asset valuation, personal property, and distribution of assets are all complicated matters. An attorney may work to ensure that the surviving spouse and heirs receive the inheritance they are entitled to while meeting all tax and other obligations.

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Schlueter Ecklund & Davitt
4023 Charles Street
Rockford, IL 61108

Toll Free: 800-207-5133
Phone: 815-516-8264
Fax: 815-229-0733
Rockford Office Location