3 Details in Setting Up Executors of Your Will

In your will, the executors are in charge of administering your estate through the probate process. The main job of the executor is to dispose of your property and other assets, according to your wishes. There are a few details you should take care of when preparing your will so that the executor can be effective. Here are 3 things you need to address:

1 - Waive Bond Requirements

A bond is a guarantee that the executor will do his job faithfully. If you know and trust your executor, you should waive the bond requirement in order to save your estate the expense.

2 - Name an Alternate Executor

Once the time comes, your named executor may decline the job. Your executor may die shortly after you, or become legally incapacitated. You should have a contingency plan in your will and establish an alternate executor.

3 - To Pay or not to Pay

You have to make a decision whether to pay your executor. Each case is different, but in wills, executors are either paid, or unpaid by the estate. It often depends on how large, or complex, the estate is as well whether the executor is related to the decedent.

Be sure that whatever you decide, you name your executor so that the courts don't make a bad decision once you are gone.

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