Why should you choose an executor when you are making your will? An executor can help ensure everything goes smoothly as your estate goes through the probate process. In this article, we at Alward Fisher discuss some additional reasons for choosing an executor.
Ensures Wishes Are Fulfilled
In Michigan, an executor is known as a personal representative. That means that whoever you choose as your executor will have the job of representing you and making sure that your wishes, as outlined in your will, are fulfilled.
Michigan law specifies that the person you name in your will has priority when the probate court appoints a personal representative for your estate. If you don’t choose an executor ahead of time, your spouse has priority as long as they are a beneficiary of your will, followed by other beneficiaries.
Provides Legal and Financial Expertise
You aren’t required to choose a legal or financial expert as your executor, but choosing someone with experience in estate law and financial matters is a good idea. An executor who understands the relevant laws will be much better positioned to oversee your estate effectively and ensure that your debts are paid and your beneficiaries receive what you intend.
Maintains Fairness and Impartiality
Wills often bring up a lot of emotion and are sometimes hotly contested in court. A will and testament executor can maintain fairness and impartiality, while others may be too caught up in their own emotions to remain objective. What an executor cannot do is disregard your will, breach their fiduciary duty as an executor, neglect the interests of the estate, self-deal, or embezzle the estate property. Select an executor who you can trust to carry out your wishes no matter what.
Handles Administrative Responsibilities
An executor is responsible for handling any administrative responsibilities connected with your will.
The executor of will duties include:
- Opening the estate for probate
- Obtaining the death certificate from the State of Michigan Vital Records Department
- Giving notice to creditors and interested parties
- Taking inventory of the estate’s assets
- Collecting debts owed to the estate
- Paying debts owed by the estate
- Distributing estate assets to beneficiaries named in the will
- Closing the estate
Protects the Estate’s Value
One of the executor’s most important duties is to protect the value of the estate by correctly inventorying all assets, collecting all debts owed to the estate, and selling estate property assets if necessary. This will put the estate executor in the best possible position to pay any debts owed to the estate while still ensuring that your beneficiaries receive exactly what you intended.
Contact Our Traverse City Estate Planning Attorneys to Learn More
If you need to choose an executor for your estate, a skilled estate planning attorney can provide the help you need.
Alward Fisher is a full-service law firm serving Traverse City, Michigan. We provide legal guidance in matters of estate planning, family law, civil litigation, real estate law, criminal defense, and business and corporate law.
Our team of 10 seasoned attorneys has more than 100 years of combined legal experience. We provide professional representation with a personal touch. Contact Alward Fisher today to learn more about what we can do for you.
This post was originally published in March 2017 and has been updated for accuracy and comprehensiveness in August 2024.
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