Are there any ramifications for making your attorney the third-party executor of you will? No, as nj.com asks and answers in its article, “Who should be executor of your will?” You’re free to choose almost anyone to be your executor. Some people choose family members, friends, business associates, or even professional fiduciaries like trust companies.
An executor is a person you name in your will or who is appointed by the court and is given the legal responsibility to address a deceased person's remaining financial obligations. An executor is responsible for paying debts and creditors, filing tax returns, paying taxes, and distributing the estate's assets, pursuant to the deceased person's wishes as stated in the will.
The individual named as an executor in a will can refuse to accept this task. A person who originally accepted the role as executor, may resign at any point in time. Therefore, it’s a good idea to name alternative executors. If you don’t, a judge will appoint a replacement executor, if your original selection says no for any reason.
Most executors typically perform their duties without payment, but they are entitled to some renumeration. The reason that most executors don't ask for compensation, is because most executors are close family members and perform their duties out of respect for their deceased loved one. The amount an executor gets paid, is usually set by state law and what a probate court decides is reasonable under the circumstances.
For larger estates, it may be wise to select a professional, such as a trust company, who is familiar with the duties and obligations of serving as an executor. This can be extremely useful, when the deceased was the owner of a business and the estate may be complicated.
Executors California get paid a statutory fee based on the gross size of the estate plus extraordinary fees if approved by the court. The attorney representing the Executor gets paid the same statutory fee as the Executor and may also request extraordinary fees.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: nj.com (April 16, 2018) “Who should be executor of your will?”