how to choose lawyer as executor

Common sense, conscientiousness, and honesty are the main requirements. An executor who needs help can hire lawyers, accountants, or other experts, and pay them from the assets of the estate. The person you choose should be honest, organized, and good at communicating with people.

Full Answer

Does the executor of an estate need a lawyer?

While an executor is not required to have a lawyer assist with estate administration, retaining an experienced probate attorney ensures meeting all the legal requirements and making certain that the executor fulfills the fiduciary duties imposed by state law.

Can your attorney threaten to quit your?

You have the right to fire your attorney in the middle of your case, but the attorney can't simply quit without a good reason. When an attorney withdraws in the middle of a client's case, that withdrawal is usually categorized as either "mandatory" or "voluntary."

Can my attorney be the executor of my will?

Every state has some rules about who may serve as the executor of an estate that goes through probate. Below, you'll find the requirements for your state. Get the answers you need on naming someone as your executor or ifsomeone's will names you as the executor of their estate.

Can you trust your lawyer?

January 26, 2022 - /PressAdvantage/ - New Jersey trust attorney Christine Matus (https://matuslaw.com/is-an-irrevocable-trust-protected-from-medicaid-in-new-jersey/) discusses whether an irrevocable trust is protected from Medicaid. The lawyer mentions ...

Who is in charge of a will?

First, the executor . The role of executor is a big job. This is the person in charge of everything from filing the will with the court to paying off your debts, closing accounts and making sure your remaining assets are distributed as specified in your will.

What does a power of attorney do?

For the medical side, the person with the power-of-attorney designation can make important health-care decisions when you cannot. If you create what’s called a living will — which states your wishes if you are on life support or suffer from a terminal condition — this can help guide your proxy’s decision-making.

What is estate planning?

An estate plan — regardless of whether your assets are massive or meager — aims to ensure your wishes are carried out at death and to provide some guardrails for other end-of-life considerations.

How often should I revisit my estate plan?

You generally should revisit your estate plan — even if it consists of only a will — every three to five years, said Davis of Hall Estill. If you experience a major life change before that (divorce, birth of child, major asset acquisition, etc.), it’s worth reviewing sooner.

How many separate documents are needed for a power of attorney?

It’s worth drawing up two separate documents for powers of attorney: one for health-care decisions and the other for your finances. Many people end up naming separate individuals to serve in those roles.

How long does it take to settle an estate?

It takes nearly 16 months on average to settle an estate, according to online software provider estateexec.com. Those worth less than $10,000 settle more quickly (11 months on average), while estates worth more than $5 million take the longest to wrap up: 42 months (3.5 years).

Can a financial power of attorney act on your behalf?

For financial powers of attorney, the person should have the same general characteristics as the executor. This individual would be able to act on your behalf to handle your finances (i.e., paying bills or handling other money matters) if you cannot.

What should I know before talking to an executor?

Before you talk to possible executors, you should have a good understanding of the assets you have and rather any of them require specific expertise to distribute.

Why is it important to talk to executors?

Talking to candidates beforehand ensures that each understands and is willing to accept the responsibilities of executor. Otherwise you run the risk that your named executor will decline the appointment, causing delay and uncertainty in the distribution of your estate.

How old do you have to be to be an executor of a trust?

2. Review your state's legal requirements. As a basic matter, executors generally must be a U.S. citizen over the age of 18 who has not been convicted of a felony. Some states also require your executor to be a resident of the state where you live or where the bulk of your property is located.

What is the best way to manage an estate?

Using an attorney or financial planner also provides you with the assurance that your estate will be managed correctly and distributed according to the letter of the law. Using an institutional executor such as a bank can be beneficial for large estates, since additional personnel can be assigned as necessary.

How long does an executor of an estate last?

These duties may last for months or even years, depending on the size and complexity of your estate. For a small estate, it's common to appoint your spouse or an adult child as your executor, since they typically have a personal interest in moving the estate through probate smoothly.

What happens if you haven't identified an alternate?

If this happens and you haven't identified an alternate, the probate court will appoint someone who may not be to your liking.

Why do you name your brother in law as executor?

For example, you may choose to name your brother-in-law as executor because he is an attorney and fully able to fulfill the duties of the position. However, if he and your sister later divorce, you may want to find someone to replace him.

What are the duties of an executor?

An executor is someone named in your will, or appointed by the court, who is given the legal responsibility to take care of any remaining financial obligations. Typical duties include: 1 Distributing assets according to the will 2 Maintaining property until the estate is settled (e.g., upkeep of a house) 3 Paying bills for the estate 4 Paying taxes on the estate 5 Making court appearances for the estate

What is the job of an estate?

Distributing assets according to the will. Maintaining property until the estate is settled (e.g., upkeep of a house) Paying bills for the estate. Paying taxes on the estate. Making court appearances for the estate. The money to perform these duties comes from the estate itself.

Should I name my youngest child as executor of a will?

Whether they should or not, people read into your decisions and assume you are making judgments regarding their worthiness (e.g., naming the youngest child as the executor of a will because he or she is a lawyer or accountant may still be construed as favoritism). Another basic consideration is the executor's location.

Do executors hire lawyers?

If the will is complex, or if significant court time is required, an executor may want to hire a lawyer to assist in the handling of the estate, also at the estate's expense.

Do you need a bond to insure an estate?

Some states require out-of-state executors to obtain a bond to insure the estate against wrongful use, so ensure that whoever you choose can cover such a bond and check your state's laws. Each state's laws are different, so always look into your state's laws before naming an executor.

Is honesty a virtue?

Honesty as a virtue speaks for itself. People often overlook, however, the necessity of being organized and the ability to communicate. The distribution of the will can become a mess if it is handled by someone who simply lacks these key qualities.

Do you need a legal degree to be an executor?

Even if you go through probate court, the paperwork required does not require a legal degree. On the other hand, if there are disputes, complex property issues, significant tax liability, etc., an executor should seriously consider getting professional help in the form of a lawyer, or depending on the issue, an accountant.

What is the most important thing to have as an executor?

The most important quality your executor must have is responsibility. You don’t have to be an attorney, accountant or a financial planner to be an executor. You just have to be responsible enough to hire the right people to help you, address estate matters quickly, effectively communicate with beneficiaries and make hard decisions when necessary. Remember that an executor gets paid a commission for doing his work, so you should expect him to pursue his responsibilities as he would for any other job.

What happens when you pass away and your will is accepted for probate?

When you pass away and your will is accepted for probate, your executor “steps into your shoes,” meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others. Clearly, acting as an executor is an important ...

How old do you have to be to draft a will?

It is not unusual to only draft one will during your lifetime, and since wills do not expire your estate may be probated using a will that is more than 40 years old. Of course, many things can change during that time. While you only need to name one executor to make your will valid, you should try to name at least one additional younger, healthy successor executor who is likely to outlive you in case you only draft one will during your lifetime and your first choice of executor dies before you, or chooses not to serve.

Can an executor get bonded?

People with many creditors and liens against them, individuals with no credit history and those who have declared bankruptcy are not good choices, since they often can’t get bonded.

Can clerks disagree on their approach to authenticate documents or court procedures?

Mistakes can easily be made, clerks may disagree on their approach to authenticate documents or court procedures, and middlemen will get confused. Do not be fooled: Probate work is hard for executors, bureaucrats and hired professionals.

Can a minor be an executor?

Remember that minors cannot serve as executors, and if you do name a person who is currently not a minor it is usually best to only allow him to serve if he has attained a certain age, since many 18-year-olds may not be ready to handle executor tasks. 7. Think About Someone Patient and Emotionally Grounded.

Do executors have to live close to you?

An executor does not need to live close to you. Yes, he or she may prefer to make an in-person visit to your house to ensure your personal property is distributed and to meet with your estate’s attorney, but many of an executor’s tasks can even be done without ever coming to your town. If your estate requires a service, such as disposing of the furniture in your apartment, it is likely your executor can hire a company to do it for her, and pay a responsible party to be present while that service is provided.

What is the job of an executor?

When selecting an executor, what exactly are you asking of them, and what special skills (if any) must they possess? One of your executor’s duties will be to notify potential creditors, such as banks, of your death and to pay off any outstanding bills using the assets held as part of your probate estate.

Why is it important to write a will?

So you’ve taken the important step of writing a will to help make sure that when the time comes, your estate is passed on according to your wishes. I believe an important part of writing a will is appointing an executor. This is one of the most important decisions you will make, since the executor is the person entrusted with gathering your assets, ...

Only Pick a Responsible Party

The most crucial character trait for your executor is responsibility. The executor for your will does not have to be an attorney, an accountant, or a financial partner. You need someone responsible enough to hire the appropriate parties to address estate issues quickly and communicate with the beneficiaries.

Consider Their Financial Standing

It would be best if your executor were someone with stable personal finances. For example, people or organizations with an array of creditors, those with no credit history, or someone who has declared bankruptcy are not good candidates for an executor. The reason for this is that they cannot get bonded.

Young Successors Are Key

It’s common for people to draft only one will in their lifetime. And, since wills do not expire, it’s possible to use a will that’s more than several decades old. This doesn’t insinuate that things will not change in that timeframe.

Flexible Schedule

Executors can be busy persons, and fulfilling this role takes quite some time. This can be challenging for very busy individuals. It can be tempting to pick a highly insightful entrepreneur, but busy individuals often struggle to meet deadlines, like filing tax returns or completing assets and liabilities forms.