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While you may not want
to think about the inevitable, it will save your family
a lot of difficulty and heartache if you go ahead and have
a will drawn up appointing an executor—a person who will
be in charge of wrapping up your personal and financial
affairs upon your death.
There are two kinds of executors:
Personal executor—spouse, child, other family member or
friend.
Professional executor—person or organization that you may
not be close to, but who you trust with your estate, such
as your attorney or accountant or bank trust officer.
You may also want to appoint an alternate executor in the
event that your primary executor is unable to fulfill the
responsibilities. Otherwise, the court will appoint someone
to fulfill the obligations. Your executor must be of legal
age at the time that he or she has to act. You can name
your 12-year-old child as executor if you wish, but if something
happens to you before the child is of legal age, you will
need to have an alternate.
Some of the responsibilities of your executor will include:
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Arranging your funeral
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Obtaining an original copy of your will
and filing it with the court for probate
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Taking possession of your estate and making
a list of your property
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Paying outstanding debts and taxes
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Notifying beneficiaries
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Distributing property according to your
wishes after all debts and taxes have been paid.
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The person you choose as your executor must be someone you
trust and should be honest, organized and able to communicate
well with people. Make sure that you communicate your wishes
to your executor and that he
or she knows where you keep your records and exactly how
you want your property or assets distributed. You may also
want to give a copy of your will to your executor with a
notation where the original can be found, such as your safe
deposit box.
Since there is a great deal of responsibility, be sure you
choose someone in whom you have total trust and confidence.
If your estate includes business interests, it would probably
be preferable to name someone other than your business partner
as your executor.
By naming a professional executor, he or she will be able
to bring impartiality to the administration of your estate.
If you choose more than one executor, be sure to make it
clear in your will how differences of opinion will be settled.
Taking care of your estate early will save grief and problems
for your family later.
CONSUMER TIPS is provided as a public
service by the Missouri Independent Bankers Association
AND
Community Bank of the Ozarks
P.O. Box 43
Sunrise Beach, MO 65079
(573) 374-5245
1-800-927-4314
www.cbobanker.com
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