Your estate is the sum of everything you own—your home, your car, your investments, and all the other things that make up your life.
It’s also a lot of responsibility. Estate planning is about making sure that:
- All of your assets are distributed to their rightful owners after your passing.
- It’s about making sure that your wishes are carried out and that your loved ones have the resources they need to live well after you’re gone.
- It’s also about protecting yourself from the possibility of legal disputes over who should receive what, from what’s left behind.
It’s important to have a proper estate plan in place so that your loved ones don’t have to deal with the burden of probate or other legal issues after you’re gone, and one of the most critical parts of a proper estate plan is naming the executor.
What Is An Executor?
An executor is a person who has been designated by the deceased to handle their assets and distribute them according to their will. The executor is responsible for gathering up all of the deceased’s assets, paying debts, and distributing the remaining assets as specified by the will.
Executors are often family members or close friends of the deceased, but they can also be professionals who specialize in estate planning and administration.
Being an executor is a big responsibility. As an executor, you are responsible for ensuring that the deceased person’s wishes are carried out and that the deceased person’s estate is distributed according to their will.
Being an executor means that you’ll have to take on a lot—and it might be more than you’re expecting! You’ll need to make sure that all of the deceased person’s debts are paid and that their assets are sold off or distributed in accordance with their wishes. This can be very time-consuming and stressful.
If you decide to become an executor, make sure you know what your responsibilities will entail. You should also know if there are any special rules governing how you carry out your duties as an executor, such as whether or not there’s a deadline for completing certain tasks. You should also talk with other family members about how they want their loved one remembered after death—this can help ensure that everyone who cared about them feels comfortable with their memory being honored in the way they would want it.
What Criteria Should be Used to Determine Who Will be Named as Executor?
Choosing an executor is one of the most important decisions you’ll make as a parent. Choosing someone to manage your estate, pay your final bills, and distribute your assets to your loved ones after you’re gone will have a profound effect on everyone who knew and loved you.
There are several ways to choose an executor. You can name one in your will, or you can appoint someone now. In either case, there are some criteria that should be considered when choosing an executor:
1) Trustworthiness – Your executor should be trustworthy and reliable. They’ll be responsible for managing your estate after you die, so they’ll need to be honest and upstanding.
2) Financial Literacy – Your executor needs to understand how money works in order to handle your finances responsibly. They may also need access to sensitive information about your finances, so it’s best if this person has experience with financial management or accounting practices.
3) Knowledge of Your Personal Details – The person who manages all of your personal details (your home address and birth certificate information) should also be able to manage other aspects of the estate (bank accounts).
Why Is it Important to Have An Executor?
If you’re like most people, you’ll probably never think about naming an executor until it’s too late. But if you have a will and name an executor, there are several good reasons why this can be beneficial.
First, naming an executor ensures that your estate is handled properly. If you don’t have a will and someone else dies intestate (without a will), the state will decide who should be in charge of your estate. This means that they might not choose someone you would have chosen had they been given the option.
Second, naming an executor allows you to ensure that your family gets what they deserve from your estate. For example, if there’s a home that goes with the inheritance, but no one knows about it or how to find it, then someone could end up losing out on that valuable asset.
Thirdly—and perhaps most importantly—you’ll avoid conflict between loved ones when the time comes for them to figure out what needs to be done with your things after death.
Making the Best Choices for Your Estate
When you have a complex estate or are concerned about potential family conflicts, consider appointing an estate professional, like a lawyer or a trust company.
Most people don’t realize that it’s possible to choose someone who isn’t in your immediate family to be your executor. This choice can help to avoid any potential conflicts of interest that may arise if you choose someone too close to you—for example, if they’re also named as an heir. A lawyer is also less likely than a family member to be intimidated by the task of administering an estate and making decisions about how it will be distributed.
When you work with someone who has extensive experience handling these kinds of matters, you’ll benefit from their professionalism, objectivity and vast knowledge of how Nevada estates function. They’ll also keep things running smoothly during probate proceedings and make sure that everything is done according to legal requirements, so there are no delays or unnecessary
costs involved for beneficiaries in claiming assets after probate has been granted.
What Happens if I Don’t Appoint An Executor?
If you pass away without appointing an executor of your will, then your estate will be distributed according to local laws. This means that if you have a spouse, for example, they will inherit everything. If you don’t have a spouse or children, then all of your property will go to your parents, siblings, or other relatives.
This can be problematic for many reasons. Your executor can help ensure that your wishes are respected and that everything is done in accordance with the law. And if there is no executor appointed by your will, it’s possible that someone who doesn’t know you as well might have difficulty carrying out their duties as an executor properly. They might make mistakes or get overwhelmed by the amount of work involved in settling an estate after someone has passed away without having appointed an executor beforehand.
When an estate is distributed according to intestacy laws instead of through a will’s instructions, it can cause financial problems for those left behind who were expecting something different under those circumstances. In addition to this issue being emotionally difficult for them (which is already bad enough!), they are often left with having to deal with unexpected expenses when trying to settle their loved one’s affairs following death.
If you don’t appoint an executor, your wishes may not be respected by a court-ordered executor either.
For example, if you wanted to make sure that your house went to a certain person, but didn’t write it down anywhere, then the executor might sell it off because they don’t know who else would want it. If they don’t know how much money they should leave to each person or what kind of stuff they should distribute among them, they might just divide everything up equally among all the heirs—which means that no one gets what they were expecting!
The Importance of Proper Planning
When you’re dying, you don’t want to worry about your last wishes. You want to know that your wishes will be executed and that your loved ones will be taken care of.
That’s why proper estate planning is so important.
When you plan your estate, you don’t have to spend precious time or money in court—you can just let it all go according to plan. And if something unexpected happens? You’ll have a lawyer who knows Nevada’s laws and can help guide you through the process.
At Kalicki Collier, we understand how difficult this can be. We know how much goes into properly planning an estate, which is why we offer free consultations at our Reno office so you can speak with an experienced attorney about what matters most to you when it comes to protecting your family’s future.
Whether you’ve been planning your estate for years or you’re just starting to think about your legacy, it’s important to know that all of your wishes will be carried out as you see fit. If you need help making sure that happens, the Kalicki Collier Reno attorneys are here for you. We can help make your estate planning easier by providing an executor for your needs—and we’ll even take care of the paperwork.
If you’re looking for a Reno estate lawyer, Kalicki Collier has the experience and dedication you need. Our team of Reno probate attorneys will help make your estate planning process as painless as possible. Trust us: when it comes to planning for the future, there’s no one better than your friends at Kalicki Collier. We’re here to help you make sure your wishes are carried out, no matter what happens in the future.
Contact us today to learn more!