Difference between revisions of "Ten Steps to Being an Executor"

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Ten Steps to Being an Executor (view source)

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=== A witness may be able to receive a gift ===
=== A witness may be able to receive a gift ===
Check if anyone receiving a gift under the will is a witness. They ''may'' be able to inherit under a will. The witness has to apply to court and show that the will-maker intended to make the gift ''even though'' the beneficiary was a witness. If the court isn’t satisfied, the gift to the witness is void. Either way, the remainder of the will won’t be affected.
Check if anyone receiving a gift under the will is a witness. They ''may'' be able to inherit under a will. The witness has to apply to court and show that the will-maker intended to make the gift ''even though'' the beneficiary was a witness. If the court isn’t satisfied, the gift to the witness is void. Either way, the remainder of the will won’t be affected.
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== You can name more than one person to act as executor ==
Two or more people can be appointed to act jointly as your executors. Generally, they’ll
have to make decisions and act together. They’ll have to agree on many things, such as the selling price of your home or who gets the family photo albums. If one of them dies, the other may be able to act alone, if your will allows it.
If you choose three executors, your will should be clear on what happens if they disagree. You can include in the will a “majority rule clause.” In that case, if there’s a disagreement, the executors can vote and the majority decides. Or you may insist all decisions be made unanimously.
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| text = If you’re thinking of appointing more than one executor, consider if they’d be a good team. You should discuss your wishes with all of them, preferably together.
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== How you can make the job easier for your executor ==
You can help your executor by taking these steps:
* '''Register your will''', and tell your executor where the original will is kept. It should be easy for them to access.
* '''Keep an up-to-date, detailed record''' of everything you own and owe. For example, record your bank accounts, retirement benefit plans, insurance policies, real estate, and pension benefits. Note any items owned in '''joint tenancy''' or that name a specific '''beneficiary'''. The executor won’t have to manage these assets.
* '''Explain your plans''' to family members, the beneficiaries, or anyone who may be legally entitled to a share of the estate. Talking with them now may prevent problems later.
* '''Review your will''' and your choice of executor every few years, and consider updating it when your circumstances change.




Drew Jackson
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