“Executor” Is Not an Honorary Position
“You have heard the story, haven't you, about the man, as he was ridden out of town on a rail, tarred and feathered, somebody asked him how he liked it, and his reply was, if it was not for the honor of the thing, he would much rather walk!” – Abraham Lincoln.
People who have served as executor of someone’s estate would probably agree that the job is more of a great responsibility than an honor. Your executor will be legally responsible for settling your estate and carrying out all the provisions of your will. It is not an easy task, even though an estate attorney provides legal assistance. The person you name will have to collect and preserve assets, wind up accounting procedures, file tax returns and worry about investments and cash needs.
Ideally, your executor would be not only fully competent to perform such tasks, but also sincerely disposed and motivated to meet the important and unique needs of your particular beneficiaries, including helping them with any special problems that may arise after your death.
You may nominate your husband or wife as your executor, or a competent and experienced friend or relative, or the trust department of a bank. Or you may wish to follow the example of many who name a spouse, friend or relative together with the trust department of a bank, to serve as co-executors. You may want to nominate a successor executor if the person you name is unable to serve.
The materials contained on this website are intended only to show some ways by which you can make a charitable gift or bequest and thereby minimize federal tax liabilities, as authorized by the Internal Revenue Code. All examples are of a general nature only and should not be applied to your specific situation without first consulting your attorney or other advisers.
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