Communication is the key to being successful in many of life's arenas. However, sometimes open communication is the key to dealing with one's death, which forces a person to focus on their estate plan. A will is an important part of the estate plan because it directs how one's estate is to be managed and by whom in Maryland or in any other state. On the other hand, it is important for one to discuss the executor's role with the person chosen in order to ensure he or she is up for the task.
Usually a family member will be designated as executor; however, there are many times when a friend is asked to be the executor because a person may be estranged from his or her family. Although many people will accept the executor position out of loyalty to a friend, this person should be careful to have a clear understanding of what this would entail. The day-to-day management of the executor role can be daunting for many people who already have busy lives of their own.
It can also be confusing for certain individuals who may not be the most organized people. Many times an estate can consist of a mix of various types of assets, which could require a certain amount of paperwork and legal processes in order to administer in accordance with the estate plan. Therefore, it is necessary to evaluate the potential executor's organizational skills as well as his or her knowledge of the legalities of certain types of assets and property.
After one has decided on whom he or she would like to be the executor, it is important to make sure the will is properly drafted with the correct legal language. This will help make sure that the will cannot be challenged in probate court in Maryland or any other state. Knowledge of all applicable rules and regulations is suggested when drafting this important legal document.
Source: wealthmanagement.com, Where There's a Will, There's an Executor, Hartley Goldstone, Jan. 8, 2014