An Ohio resident should consider many factors when choosing an executor for their estate. When managing an estate, the executor will have many responsibilities, such as inventorying assets, verifying liabilities and submitting the necessary legal documents to courts. Additional duties often include the filing of tax returns, the valuation of assets and acting as an arbitrator during family disagreements.
The person who is chosen as executor may be tasked with their responsibilities for at least two years. However, their tenure could last even longer, and it will stop when the assets of the estate have been distributed and all final tax documents have been accepted by the appropriate tax entities.
Because of the painstaking care that has to be taken with with estate administration, it is important that the executor be able to handle extensive responsibilities and pay close attention to details. Prior experience working with professionals from the financial industry is also helpful.
Age is another important consideration when choosing an executor. The person has to have the appropriate level of maturity needed for the role and should be expected to live longer than the owner of the estate.
It can also be beneficial for the executor to be aware of the estate owner’s values and beliefs. Some familiarity with the family’s unique dynamics and circumstances is advisable as well.
An attorney who offers estate administration and probate law services may advise certain strategies for clients. Depending on the client’s assets and goals, the lawyer could recommend certain types of wills and trusts to protect financial assets for future generations. Litigation may be used to resolve any probate issues that arise.