How Do You Know if You Need an Estate Executor?

Estate planning can be intimidating. Your family does not need to go through the process alone. Our dedicated estate planning and probate administration team is available to help. We understand that the process can be overwhelming, and you likely have a lot of questions. Allow us to work alongside you to alleviate your concerns.

Estate planning has many aspects. Initially, you must determine what your family requires. There are some essential terms you will see throughout estate planning documents that you should acquaint yourself with:

  • Power of attorney allows someone to make decisions on their behalf while they’re still alive.
  • The executor of an estate acts in the interest of the estate after a person has died. This is someone who will manage the decisions that must be made after a person dies.

What is Probate?< h2>

Probate is a legal process for transferring assets once someone has died. Its complexity depends upon the amount and type of property the deceased person owned, whether physical, fiduciary, or divided between more than one individual. Occasionally, disputes arise, and that is when Executors and the probate process become important.

If There Is A Will, Do We Still Have To Go Through Probate?

A common misperception of estate planning is that going through probate is unnecessary if there is a will since the will clarifies how the assets will be divided. This is false. Probate is still necessary to prove that the will is valid and to authenticate that it is, in fact, the last word and testament of the decedent. While there are some circumstances in which probate can be avoided, it’s beneficial for all parties, especially if there are disputes over the distribution of assets. Probate allows an impartial mediation to get involved through the courts if necessary.

Can Estate Planning Help My Kids Avoid Disputes?< h2>

Proper estate planning can help survivors avoid disputes. Grief causes emotions to run high and often causes people to behave rashly. Planning before the inevitable occurs will address many of these problems and remove the trouble before it has time to brew. One of the most vital steps is to create a will explicitly stating your wishes, leaving little doubt or room for argument between your survivors. Here are some guidelines to ponder: which survivor stays in the home? If a family business exists, which child or survivor will gain ownership? Are there other assets to think of?

Some people give directions in the document. For example, Mr. Smith wants all the proceeds from the sale of his home to be split evenly between his kids. He further states that Billy is excluded from the will for poor behavior. There is no law stating Mr. Smith cannot do that. However, Mr. Smith should be aware that Billy will be very upset and will most certainly challenge the will in probate court. Although it can be an uncomfortable discussion, Mr. Smith should sit down with Billy beforehand and explain his reason for disinheriting him.

There are other options for managing your assets. Trusts can be an excellent way to go. Your estate planning lawyer can best advise you about the different types available and whether or not they will help you reduce your estate taxes. The purpose of a trust is to set configurations around how your assets are paid out to your survivors.

How Do I Choose an Executor?

Choosing an executor is an important decision that should be made with seriousness. There are many things to consider when selecting someone to carry out these responsibilities. A few things to consider:

  • Trustworthiness: Assigning this task to someone who has demonstrated honesty and integrity throughout your relationship is imperative.
  • Maturity: Iowa state law places some limited restrictions on the individual serving. They must be at least 18 years of age, be of sound mind (not judged as incapacitated by a court), and have no criminal or felony convictions. Proximity: Acting as an executor can take a significant amount of time. It is essential to consider the person’s location before asking them to undertake this responsibility. An Iowa consumer protection lawyer can help you determine if the person you select meets all of the state’s requirements.
  • Age: It is crucial to choose an executor who will be young and capable enough to carry out the duties and responsibilities that come with the role when you pass away. Assuming you live to an old age, it may be best to choose someone younger than you are.

What Are the Responsibilities of an Estate Executor?

The responsibilities of an estate executor will vary depending on circumstance; however, a few typical duties fall to the executor. The Iowa City Bar states that an executor is required to:

  • Have the will probated.
  • Collect assets of the decedent that pass under the will (that is, not joint property or insurance/pension benefits payable to the beneficiaries)
  • Pay the descendent’s debts (including funeral expenses)
  • Pay administrative expenses
  • Pay any taxes due from the estate (including income and property tax)

It is difficult to think about being in a situation in which you are unable to make your own decisions or what to do in the case of your death, but preparing for these circumstances before they arise takes some of the burden from your loved ones, should the worst occur. A skilled Iowa consumer protection lawyer from Scott Shoemaker & Associates can help—call (319) 379-2007 to schedule your free consultation.