Read this before naming an estate executor

On Behalf of | Dec 11, 2020 | Estate Planning

Choosing an executor is a top priority for most Nevada residents who are planning their estates. The person named takes on a solemn responsibility to make sure that the decedent’s assets are distributed according to his or her instructions in a last will and testament. Not only should an estate owner choose someone he or she trusts, it is also a good idea to double-check that the person accepting the responsibility understands that the process may take months to resolve.

Factors to consider ahead of time

Various issues may influence your decision as to who should be named as executor of your estate. For instance, business owners will want to choose someone who understands the business as well as any succession plan that the owner may have in place.

Perhaps you are close to your brother or another relative. It’s one thing to have a close relationship but quite another to ensure that the person in question fully understands the business you’ve worked hard to build and the legacy you wish to leave behind, including any plan you might have in place for how your business will run after you’re gone.

State laws vary

Every state has its own regulations regarding who may serve as executor during probate. An executor typically must be age 18 or over and not have any felony convictions. Nevada allows out-of-state executors while some states do not. However, it is always best to name someone who lives nearby so that he or she can easily address any legal issues that happen to arise. Also, because it may take extensive time to settle an estate, it is more practical to choose someone who lives in the area.

Never assume someone wants to be your executor

Finally, you should never assume that the person you name as executor will automatically accept the appointment. It’s always better if you ask him or her ahead of time and discuss issues at length to ensure that he or she fully understands the tasks involved and is willing to carry them out.

You might have two or more family members who want to take on the role of executor for you. Such situations can be challenging. Just remember to think it through carefully before making a final decision. If you’re concerned with questions about probate, particularly in regard to naming an executor, it pays to speak with to someone who is well-versed in matters of estate.