Estate Planning: Choosing And Removing An Executor

How to choose your executor

When choosing your executor, it is best if you will select a person that has no conflict of interest. A person who has the main goal of gaining from the will. This raises challenges from beneficiaries and accuses the executor of being unfair. But if you don’t like that this may happen then you can choose your executor from your list of beneficiaries. With this, the executor’s fee is usually wave and can save your estate money.

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It is very important that you need to discuss the executor’s responsibilities. You need to explain all his roles as an executor to your estate. You need to make sure that the executor is willing to accept the job. This has to be done before finally announcing that he is the executor of your will. Moreover, it also betters that you have also a successor of your executor. These needs to be done in selecting an executor.

Selecting co-executors is not uncommon in a small business setting. This has been a usual practice that spouse or another relative can take care of personal matters and a second executor who has a business knowledge to business matters. Co-executors are also very useful when the main beneficiary lives in a different state and cannot travel regularly to visit the estate.

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For bigger estates that are worth more than a million dollars and involves running a business, then it is better to hire a professional executor. Like for instance, the estate planning department of your bank, your accountant, or your attorney. To prevent some conflict or issues in the future, then never appoint a minor, a felon or a non-U.S. citizen as your executor.

How to remove your executor

Laws governing the removal of an executor differs from one state to another. Take note that removing him is not also easy. You need to prove in the court that a serious misbehavior has been undertaken as the c
ause of the removal. With this, the courts can only remove an executor if the beneficiaries can prove that he is not capable of doing his duties.

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If the beneficiary of the estate sees that the executor cannot perform his duties then he can file a petition to the court for the removal of the executor from the position. This request has to made from a party that has a stake in the estate and must present an evidence that the removal of the executor is necessary. If the courts have decided that the petitioner has a valid claim then the executor will also be given an opportunity to prove why he should not be removed in his position.

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