When people plan their estates, they appoint the important position of an executor. This person is important in making sure the arrangements set forth by the deceased are followed as outlined. The executor has significant obligations set by the testator, the individual who made the will. Along with these responsibilities, the executor can also be held responsible by the beneficiaries and any creditors. When individuals draft a will and decide how to distribute their estate, they have specific guidelines in mind. When deciding who to pick as an executor, it is important to choose someone you trust greatly. This person has to act in your best interest when you are gone and no longer in control of your possessions. Since the role of an executor can be time-consuming and demanding, it is wise to consider your options and pick who you believe can carry out the duties in the best way.
How do I become an executor?
An individual becomes an executor when they are appointed by someone they know. When they are chosen, probate may be necessary. The executor will have to file a petition for letters of administration to legalize their role as the official executor. This process will usually accompany a legal professional. When the matter is completed, the executor takes on their role. They must then act on behalf of the estate.
Am I compensated for being an executor?
The state of California is one of many that pays executors for their time that they spend administering the estate. The compensation they receive is based on the probate code. Compensation is determined by the value of the estate and the percentage provided to the executor decreases as the value of the estate increases.
What if I cannot carry out my duties as executor?
If executors fail to do their job and carry out their outlined duties, they may be removed and replaced. There is a test for removal that is based on whether there is prejudice to the estate or the beneficiaries’ welfare. An executor will have to act in a manner that would be considered negligent, dishonest or endangering the estate in any way. Since each case is different, there are many factors involved when a court decides if the executor should be removed. As an executor, you have the right to obtain legal aid through an attorney to protect your role.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.