You’ll have many decisions to make when setting up your estate plan. Decisions such as: do you need a will or a trust and what beneficiaries will receive your assets. But one of your major decisions will be to name an executor or trustee. This must be someone you trust completely with your executing your final wishesmedical and financial information. It’s not an easy decision… or an easy job. We are often asked if our clients should name a family member or a friend to be the executor/trustee of their estate.
This person will carry out your wishes when you die and make decisions on your behalf if you become incapacitated. The executor of your estate has many responsibilities. You are entrusting this person to deal with everything you have. And frankly, not everyone can handle this job. They will need to:
It can take up to a year to close an estate. This means that the person you choose must be organized and not afraid to jump in and get it done.
But the executor’s job may begin before you pass away. You may also choose to appoint your executor as your health and/or financial power of attorney. In those cases, their job may begin before you pass away. As your fiduciary, they They may use your healthcare directive to make your medical and financial decisions decisions if you are suddenly injured and incapacitated in the hospital. This person will also help make decisions concerning your medical care if you get Alzahmeirs Alzheimer’s or dementia. So you see why it is important to discuss everything with this person and trust them to carry out your wishes.
You do not need to specifically choose a family member or a friend to be executor/trustee. You can have a close friend carry out your wishes. Or, if you don’t have anyone you can entrust this job with, you can hire an estate/probate attorney to be responsible for closing your estate.
Call us for more information on setting up an estate plan specifically designed for you and naming your executor. Contact one of our lawyers today and schedule an appointment at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties