5 Things to Know to Reduce Your Tax on Capital Gains
Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize mo...Read more
An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you pass away.
Choosing an executor is a big decision when it comes to estate planning. So, what should I know about an executor? What should I consider before naming an executor? Here are answers to three common questions about executors.
No. In most circumstances, an executor cannot decide who gets what property. Executors are responsible for carrying out the testator’s wishes as outlined in the will.
However, if the testator (the person who made the will) did not distribute all their assets in their will, the executor may be able to decide how to distribute the unassigned property.
Yes. An executor can also be a beneficiary of the will. It is common for people to have their surviving spouse or children act as the executor of their estate. This choice can be cost-effective if you have a small or simple estate.
Another benefit of having a family member act as the executor of your estate is they are familiar with your wishes. They know you, and they understand how you want your assets divided. If you forget to state where property goes in your will, an executor that knows you well is more likely to give those assets to the correct beneficiaries.
The short answer is: It depends. The executor should work diligently to get each beneficiary paid as soon as possible.
While the executor is responsible for ensuring beneficiaries receive the money or property they were left in the will, the probate process may delay beneficiaries from receiving a payout. Depending on the size of the estate and the debts and taxes the estate owes, it may take anywhere from six months to more than one year for a beneficiary to receive an inheritance.
The probate process varies depending on the state, but the typical process goes like this:
Creating a complete estate plan can be overwhelming. With the help of your estate planning attorney, you can ease some of the anxieties you may be facing in thinking about estate planning.
With the help of a qualified attorney, you can ease some of the anxieties you may be facing in thinking about estate planning. Find an estate planning attorney in your area today.