Here are several helpful tips to consider when deciding on an executor:

Choose Someone Who Is Responsible

If you had to pick an executor based on one factor only, let it be based on how responsible the person is. This is the most important quality your executor should have. Executors don’t have to be accountants, attorneys, or some financial expert to administrate your estate, they just need to be responsible enough to hire qualified people as needed, know how to address any issues that arise, be a good communicator, and not be afraid to stand up to beneficiaries who challenge the process.

Pick Someone Who Has Their Own Finances Together

Your executor should be someone who has financial stability. Don’t choose someone who mismanages their own money and has liens against them, a bad credit history, too many creditors, etc.

Ensure Your Choice of Executor is Qualified

Don’t pick someone who has no chance of being accepted by the court. Courts typically won’t approve an executor they don’t have any jurisdiction over. Who would be disqualified? Anyone with a criminal past is highly unlikely to qualify, as are people living outside of the United States. You cannot have an executor who is under 18 years old either.

Think About Someone Who is Patient and Avoids Drama

Being an executor is not an easy responsibility, especially in situations with large estates and a lot of beneficiaries. You need an executor who can be patient and not let the emotional turmoil affect how they do the job. If you are considering someone who is always in the middle of family drama, it might be better to opt for someone else who can diffuse tense situations, not fuel the fire.

Choosing a Family Member or a Professional?

You are not obligated to choose a family member or even a named beneficiary in your will to be the executor. And, you can name multiple executors to serve as well. There is also the option to choose a professional executor if you are concerned about naming someone to be responsible or about creating dissension between remaining family members. A professional executor will charge for their services, but it may provide peace of mind to know that someone neutral will be handling your estate.

If you have questions about choosing an executor or need assistance with other aspects of estate planning, it’s important to speak with a Washington DC estate planning attorney. Contact Tobin O’Connor Concino P.C. at 202-362-5900 to schedule a consultation. Let one of our skilled attorneys assist with all your estate planning needs.

https://www.tobinoconnor.com/what-to-include-in-a-will/

When it comes to preparing a will, it’s important to speak with a knowledgeable Washington, DC estate planning attorney who can help ensure all necessary elements are included. Here are some factors that should be addressed in your last will and testament.

Assets

You’ll need to describe all your assets and determine where they go when you pass away. Assets are more than just any real estate you own, and everything should be clearly described in detail. For example, if you plan to leave your classic auto collection to a child, you need to describe each vehicle in detail, including the make and model of the vehicles. You should include bank accounts, cash, heirlooms, jewelry, and other property. Anything that you want to go to a specific person should be included.

Pets

While the courts may look at a pet as property, for many people, a pet is an important part of the family. And, that means you should consider what you want to happen to your pets after you die.

Minor Children

If you have minor children, naming a guardian in your will is important. This will determine who takes care of your children in the event you pass away before the children are legally adults. There are laws that dictate what would happen to a minor child in the event of a parent dying without a will. In some circumstances, the options may not be desirable, so it’s important to spell that out in your will.

Debts

Don’t forget to address your debts, any other expenses, and taxes like estate and inheritance taxes. If you have specific instructions on how funeral expenses should be paid, you need to spell that out.

Does someone owe you a debt? You can decide how you want this handled as well. Do you want to consider the debt cleared? Or assigned to another party?

Alternate Beneficiaries

You should name alternate beneficiaries in the event your intended beneficiaries pass away before you do.

Choose an Executor

You must name someone to serve as the executor of your estate. This is the person who will carry out all the terms of the will. You should speak to the person you want to be your executor beforehand and let them know, because some people would prefer not to take on that responsibility.

Have Witnesses

You should have at least two witnesses present when you sign your will. You can use a “self-proving affidavit” which can make things simpler during probate, but your signature must be notarized as well.

Estate Planning Services in Washington, DC

For all your estate planning needs, contact the team at Tobin O’Connor Concino P.C.. We have years of experience handling wills, living trusts, guardian and conservatorship matters, and more. Call our office at 202-362-5900 to schedule a consultation.

Without either, your estate would likely pass to your spouse and closet heirs; however, that may not be how you want your property divided. There is also a risk of the state appointing someone to be the executor of your estate who is not someone you would trust on your own.

Whether or not you have a living trust or will, it’s important to have something in place to set forth your wishes on how your assets are handled once you pass.

Avoid Probate 

One of the main reasons people create trusts it to avoid probate. A will requires you go through probate to verify and enforce the terms of your will. A properly prepared living trust can help you avoid not only a primary probate, but multiple ones if you own property or have assets in other states. Avoiding the cost of probate is usually a motivating factor in why people choose living trusts over wills, but there are other reasons that people dislike the idea of probate. For some people, privacy is a big concern — those with large estates do not want the details of the probate filed in a court record. And besides, the probate process can be lengthy and emotionally draining.

More Private 

As mentioned, wills that go through probate become public record and that is just an invitation for solicitors and disgruntled heirs to make an appearance. People will have access to your family’s personal information and financial details. Trusts don’t guarantee complete and total privacy, but they are much more secure than a will.

Centralizes Your Estate 

If you add all your assets to the living trust, this means everything is distributed with one set of clear-cut instructions. It makes it easier to distribute assets to their intended beneficiaries, especially with various accounts of different values, life insurance policies, and investment accounts. A will only controls the assets that are held in your name only, and not assets held in joint ownership status.

More Flexibility 

Trusts allow you to do a number of things a will doesn’t. These include leaving property to young children. In general, people under 18 cannot own property and wills only allow you to leave things of little value to minors. To leave property to a minor in a will, an adult must manage it until the child is 18 years old. With a living trust, the trustee will manage it until he or she reaches the age you determine.

You can also avoid a conservatorship with a living trust. This means you name someone to manage the trust in the event you are incapacitated and unable to manage your own trust. This is not an option with a will, although you can prepare a power of attorney and name someone who will handle your financial affairs.

Hiring a Washington DC Estate Planning Attorney 

In general, living trusts are more expensive to set up versus a will. And, trusts only handle assets that have been added to the trust. You need to meet with an experienced Washington DC estate planning attorney to determine whether a living trust is the right tool for your asset portfolio. Contact the knowledgeable attorneys at Tobin O’Connor Concino P.C. at 202.362.5900 and let us handle all your estate planning needs.