Spouse as executor and trustee
Choosing your spouse as an executor and trustee of your estate is one of the most important decisions you will ever make. It’s a matter of honor and respect. You will be required to act in a timely manner and follow the will of the deceased.
There are a few things to consider before you make the decision. First, you should choose an executor that is capable of handling the job. There are several qualifications, including age, residency, and mental capacity. You also need to determine whether or not the individual is willing to take on the task. It’s not uncommon for someone to decline to be the executor of an estate. If so, the probate court will appoint another.
Choosing an executor and trustee of your estate can be a very emotional affair. Many people agree to serve because they want to honor a loved one’s legacy. They can also help keep the peace in a family that may be fractured. If you have children, naming them as executors can be a very good idea. They will be able to take care of the paperwork, maintain assets, and distribute the funds according to the will.
You should also consider the costs involved. There are professional trustees who charge fees for their services. If you don’t have the money to hire a third party, you can work with a bank or trust company. The fees are minimal, but the service can be invaluable.
You should also be aware of the advantages of selecting a co-executor. For example, a co-executor can address the concerns of business partners. They can also act as a go-between to reassure the beneficiaries that the will is being followed. Having multiple parties involved can cause delays and may result in a lawsuit.
You should also be aware of the limitations of choosing a single person to be both an executor and trustee. Although this may be the most logical choice, it’s not necessarily the best option. For instance, you should not name your spouse as an executor if he or she is not ready to handle the responsibility. Similarly, if you have a child who is living with you, it can be difficult to name him or her as the executor of your estate.
The most important thing to remember is to have a plan. The right planning can save your heirs time, money, and frustration down the road. Having a will and a trust can help your loved ones avoid unnecessary financial hiccups in their later years. You should also explain to your heirs why you’ve chosen only one person as the executor of your estate.
There are plenty of other benefits to naming a family member as both an executor and trustee of your estate. For example, if you have several children, you can opt to name each of them as an executor, but you will be unable to handle the administration of all the estate’s assets.
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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West Jordan UT 84081
|• Total||2.17 sq mi (5.63 km2)|
|• Land||2.17 sq mi (5.63 km2)|
|• Water||0.00 sq mi (0.00 km2)|
|Elevation||5,282 ft (1,610 m)|
| • Estimate
|• Density||422.99/sq mi (163.32/km2)|
|Time zone||UTC-7 (Mountain (MST))|
|• Summer (DST)||UTC-6 (MDT)|
|GNIS feature ID||1430376|
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