In Arizona, it is a conscientious step to create an estate plan. This avoids ambiguity with the person’s property after they are gone. It keeps family members from having acrimonious disagreements. And it accords the person – known as the testator – control over their assets.
However, a misstep that many people make even when they have a comprehensive estate plan is picking the wrong person to serve as their executor. In Arizona, this is also known as the personal representative.
The executor’s role is vast and they play a fundamental part in making sure the testator’s wishes are adhered to. From the start, people need to think about who best would perform the executor’s duties. Just as it is important to have professional advice when crafting the document itself, it is useful to have assistance with selecting the right person to be the executor.
What is the executor expected to do?
The executor serves myriad diverse functions. Therefore, it is wise for the testator to select someone with the maturity, patience and ability to do everything that must be done to ensure a smooth process.
If the testator writes a will, it states how they want their assets to be distributed. The executor must follow this to the letter to make certain that those who are named receive what the testator wanted them to receive. Their property is subject to inventory beforehand. Whatever they owned needs to be accounted for so it can be distributed.
When the testator dies, there will be debts and taxes that need to be paid. If they owed money on a home, credit cards, medical expenses and more, the creditors need to be paid back through their assets.
Once these steps are taken, the beneficiaries need to be contacted and told when probate will take place. This is when the will is proved and the assets can be distributed. The value of the testator’s estate will dictate whether probate is necessary. Those with a small estate do not need to go through probate.
While this might sound relatively simple for a responsible person, it is not always a smooth process. Challenges can and often do arise. For example, if the beneficiaries are in dispute over what they are receiving, it is up to the executor to try and make sure that the testator’s wishes are met even if people are unhappy about it.
Make sure to name the right executor
When creating an estate plan, the executor is a critical part of the process. Before making a mistake and naming the wrong person, it is wise to have advice and to fully understand what the executor is supposed to do. This can avoid legal challenges, delays and the possibility that the executor needs to be removed and replaced. For these and other issues related to estate planning, having experienced advice is a crucial first step.