An important part of creating an estate plan is deciding who will handle the issues of your estate and the probate process. Known as an executor or personal representative, the person or entity chosen is responsible for ensuring that your final wishes are adhered to and that your loved ones receive the inheritance you wish for them in your estate plan. At Kurylo, Gold & Josey our knowledgeable estate planning attorneys understand how important this decision is and can help you with this along with any other questions that may arise during the drafting or editing of your Virginia estate plan. To learn more about who should be the executor of an estate, call or contact the office today to schedule a consultation.
What is an Executor?
An executor is a named person or entity that manages the affairs of your estate after your passing. This can include everything from submitting the estate to probate, identifying and valuing assets, notifying creditors, filing final taxes, and distributing what remains of the estate to heirs and beneficiaries. Virginia law allows for any adult to be named as an executor to an estate, provided that there is no substantial conflict of interest or inability to serve.
Choosing an Entity Executor
One option for selecting an executor for your estate is to choose a corporate entity to handle your estate’s affairs. This can be a financial institution, bank, trust company, or other entity that manages after your death. However, the corporate entity must be allowed to do business in Virginia because if they cannot they are unable to serve as a personal representative of the estate. The upside of selecting an entity to serve as executor is that these companies often have significant experience handling this role; however, the downside is that often a stranger will be handling your affairs that has no personal knowledge or experience with your family or estate and there could be unnecessary costs involved with having an entity serving as executor.
Choosing an Individual Executor
Another option for selecting an executor is to choose an individual to serve. Any individual selected to serve in this capacity should be someone that you trust completely to adhere to your final wishes in your estate. Oftentimes, an individual executor is a trusted family member or friend, but it can also be an attorney or other trusted professional who has served in a fiduciary capacity (again, though, hiring a professional for this capacity could involve unnecessary costs). It is always recommended that an executor live in the same state, but if a non-resident is appointed as executor in Virginia, a resident in the state must also be appointed to serve as their agent. To learn more about your options, talk to our office today.
Questions About Who Should Be The Executor of An Estate? Contact a Lawyer Today
If you would like to speak with an experienced Virginia estate planning attorney about your options for an executor of an estate, call the office or contact us in Fredericksburg at Kurylo, Gold & Josey to schedule a consultation of your legal needs today.