As you craft your estate planning documents, you'll need to make important decisions about the people who will be involved in the administration of your estate. One of these involved parties is the person who will administer your estate. Most people are familiar with the term Executor, though in Michigan, this person is technically known as your Personal Representative.
Your state's laws will govern the actions and authority surrounding will executors, so make sure you have an existing relationship with an estate planning law firm to be certain that your documents are valid in that particular state. If you just moved to Michigan, it’s a perfect time for a review. There are a few things that you should know about will executors, regardless of the state in which you currently live.
First, recognize that your will executor should be understanding and organized. The will executor should be a person who has some experience with financial matters and has a generally good understanding of your assets and family dynamics. You can choose a trusted friend or family member to serve in this role, but you can also use a bank with a trust department.
Keep in mind that there are restrictions on who can serve as an executor. For example, most states will only appoint people who are residents of the same state. It is also important to note that while you are permitted to appoint more than one executor, this is rarely recommended, as it can lead to conflict and problems in the administration of the estate. It is also wise to think carefully about other external factors when deciding on your executor, such as location. Make sure that it is feasible for the chosen party to return to your estate to administer these important aspects.
To have more of your questions answered about the estate administration process and to craft your will in which you name your executor, set up a time to meet with an estate planning lawyer in Michigan today.
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