Who Should You Name As Executor Of Your Last Will and Testament?
Everyone who gets their last will and testament prepared designates an executor of their Will. And it also is a good idea to name an alternate executor. But some people get hung up on who they should select.
Married people with adult kids typically name their spouse as their executor. They also typically either name one of their children as alternate executor, or they name two or more children as alternate co-executors.
If you are single with adult children, it is common to name a child as the executor.
If you are married with minor kids, you'll likely name your spouse as executor, and a parent, sibling, or other trusted friend or relative as the alternate executor.
When you are selecting your executor, it may help to know what their role will be. If frozen accounts exist when you die, your executor will likely open an estate account and pool estate funds into the estate account, for ultimate disbursement to your heirs. And when necessary, your executor may need to sell real estate or vehicles that were in your name.
If you have adult children and don't know who to name as your executor, perhaps you should talk to your adult kids. Maybe they will have some valuable input. And note that once you make your will and designate your executor, you can always change it.
Know that the role of executor and power of attorney are different, although they can be the same people. Generally, your power of attorney will handle matters for you while you are alive but incapacitated, while your executor will fill the temporary role of handling things from when you die until your estate is settled.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
Видео Who Should You Name As Executor Of Your Last Will and Testament? канала Rabalais Estate Planning, LLC
Married people with adult kids typically name their spouse as their executor. They also typically either name one of their children as alternate executor, or they name two or more children as alternate co-executors.
If you are single with adult children, it is common to name a child as the executor.
If you are married with minor kids, you'll likely name your spouse as executor, and a parent, sibling, or other trusted friend or relative as the alternate executor.
When you are selecting your executor, it may help to know what their role will be. If frozen accounts exist when you die, your executor will likely open an estate account and pool estate funds into the estate account, for ultimate disbursement to your heirs. And when necessary, your executor may need to sell real estate or vehicles that were in your name.
If you have adult children and don't know who to name as your executor, perhaps you should talk to your adult kids. Maybe they will have some valuable input. And note that once you make your will and designate your executor, you can always change it.
Know that the role of executor and power of attorney are different, although they can be the same people. Generally, your power of attorney will handle matters for you while you are alive but incapacitated, while your executor will fill the temporary role of handling things from when you die until your estate is settled.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
Видео Who Should You Name As Executor Of Your Last Will and Testament? канала Rabalais Estate Planning, LLC
Показать
Комментарии отсутствуют
Информация о видео
21 декабря 2019 г. 22:30:01
00:09:49
Другие видео канала
6 Reasons Your Heirs Will Fight - And What To Do About ItWhat an Executor Can and Cannot Do | RMO LawyersHow To Make a Valid Will In Less Than Four MinutesNew 2021 Medicaid Nursing Home Asset and Income RulesHow Single Person Protects Assets From Nursing Home - Medicaid Planning: Part 4 of 6 - TransfersHow To Protect Your Children's Inheritance From Their DivorceHow To Protect Your Home and Life Savings From Nursing Home ExpensesDo not put these SEVEN things in your last will and testament for ProbateWhen NOT To Amend Your Revocable Living TrustWhere to Store Your Last Will and TestamentIf You Have a Revocable Living Trust, Watch This NOW! 🔴Should Executor Accept Compensation?Should Your Attorney Store Your Last Will And Testament?Should You Leave Money To Grandkids?How To Keep Your Heirs and Your Estate Out of Probate CourtWhat does it mean to Avoid Probate?Titling Bank Accounts To Avoid ProbateCan the Executor of a Will Take Everything? | RMO LawyersWill Versus Living Trust? (Living Trust Tutorial)Eight Things NOT To Put In Your Will