Over the course of your life, you have built an estate. Now, you need a good steward to care for and distribute your cherished assets. You need an executor.
With many people searching for an executor, they immediately think of their children. But sometimes the kids are not suitable. They can be too busy, too distracted or for another reason unable to discharge the executor duties faithfully and properly. After all, you need a stable, reliable, focused and detail-oriented person to execute your will and follow probate law. Beyond these fundamental reasons, you want an executor who will be impartial, objective and follow your directives.
According to Oregon state law, an executor must be at least 18 years old and of sound mind. In addition, you should select someone who is in good health and will be alive once you have passed away. An estate holder should select an executor without a criminal history. It's complicating factor if the head of the estate selects a prospective executor with a felony conviction. In Oregon, a designated executor must notify the probate court of the felony conviction, and a judge will decide whether to allow or disqualify the candidate. An Oregon court often denies a person from serving as an executor select if he or she has been a former lawyer who has been disbarred or was under investigation and resigned from the state bar.
An adult child
Many estate holders select the eldest child, and in many cases, it's an appropriate choice. As the first child in the birth order, he or she often assumes the role as manager, caretaker and organizer. But the patriarch or matriarch of the family is also free to select another child to serve as an executor. Oregon does not mandate special requirements for an out-of-state resident to serve as an executor. Some states require a bond for out-of-state executors.
Another alternative is a long time and trusted friend to fulfill all these duties. In addition, you could retain an attorney to serve in the capacity of executor or another professional executor could discharge these duties with fairness, compassion and accuracy. The Oregon State Bar outlines selecting an executor and the probate process.
The executor needs to perform may important duties and carry out the tasks as specified in the will.
- Inventories all belongings and assets of the estate
- Files documents for the probate process
- Closes bank accounts, pays off and cancel credit cards, notifies social security and post office
- Makes sure to prepare and file tax returns
- Transfers assets to the beneficiaries of the will
Many estate holders have built an estate through hard work, savvy investing, saving and wise living. For these individuals, it's crucial to distribute these assets to family, loved ones, charities and other organizations. And therefore, it is of the utmost importance to select an executor who will faithfully, accurately and diligently fulfill the wishes of the head of the estate.