Wills
Most people tend to postpone writing a will, and it is because they do not want a tangible reminder of their mortality. Or perhaps they look at the process as relinquishing the ownership of your property. Whatever the reason is, people don’t realize that writing a will is critical because it allows them to select the people who will receive their assets after they pass away.
What Is A Will?
A will is a legal document that helps you set forth your wishes regarding the care of any minor children in the family and the distribution of the property. If a person dies without a will, estate settlement gets challenging and works as per state laws. Furthermore, the heirs might spend additional money, time, and emotional energy to settle affairs after the person is gone.
When you have your will put in place, a professional executor, i.e., a legal representative, acts according to your wishes as mentioned in the will after you. They play a critical role in administering the estate of a deceased person. An executor needs to share a trustworthy bond with the beneficiary since the confidence of executing a will lies with the executor to act with skill and care in successfully administering it.
Role of an Executor
The duties of a professional executor vary depending on the terms mentioned in the will. However, the general obligation is to understand the order in which a testator’s property should be distributed. Choosing a professional executor will be a great honor and a responsibility, based on the overall complexity involved in administering the wishes mentioned in the will. If in case a person dies without a will, a court will appoint an administrator of the estate whose duties are mentioned below:
- Carrying out all the terms mentioned in the will
- Defending the will when necessary
- Applying for probate
When you choose Daniel Albert Law Firm as an executor, we will ensure that all the wishes mentioned in your will are carried out with precision, honesty, and honor. There are two critical goals an executor needs to take care of before distributing the testator’s property to the beneficiary.
Following the Court’s grant of probate, an executor must open a bank account under the name of the deceased estate and deposit all their assets. It consists of liabilities and debts like administration costs and outstanding tax that must be paid before handing over the property.
Before distributing the property to the beneficiary, the executor must preserve your property, safeguarding all its assets. One of the ways to keep the property safe is by ensuring the estate is administered quickly, usually within six months. You may even have to look for legal advice, especially if the property consists of valuable assets that must be sold on the current market value.
Finally, the process of safeguarding the property by a professional executor ends when it is distributed to the beneficiaries. The professional also drafts a distribution report stating that the property has been successfully directed to the recipients and the debts are clear before administration.
Create A Will Today!
When administering a will, always seek professional legal advice. Daniel Albert Law Firm can help you create your will. Even though registering a will is not necessary, we always recommend doing so. Our professionals promise safe custody and efficient execution of all our client’s wills.
Secure your interests today – call us at 832-930-3059 and schedule a consultation to discuss your estate plans with our competent estate planning attorneys.