The Norman Transcript

Features

July 23, 2013

How to choose the right executor for your will

NORMAN — Dear Savvy Senior, What are my options for choosing an executor for my will? I was considering asking one of my kids to do it, but I don’t think any of them are up for the job. What can you tell me?

— Still Kicking

 

Dear Kicking,

Choosing an executor — the person or institution you put in charge of administering your estate and carrying out your final wishes — is one of the most important decisions in preparing a will.

Picking the right executor can help ensure the prompt, accurate distribution of your possessions with a minimum of family friction. Some of the duties required include:

· Filing court papers to start the probate process (this is generally required by law to determine the will’s validity).

· Taking an inventory of everything in the estate.  

· Using your estate’s funds to pay bills, including taxes, funeral costs, etc.

· Handling details like terminating credit cards and notifying banks and government agencies like Social Security and the post office of the death.

· Preparing and filing final income tax returns.

· Distributing assets to the beneficiaries named in the will.

 Given all the responsibility, the ideal candidate should be someone who is honest, dependable, well organized, good with paperwork and vigilant about meeting deadlines.

 

Who to choose: Most people think first of naming a family member, especially a spouse or child, as executor. If, however, you don’t have an obvious family member to choose, you may want to ask a trusted friend, but be sure to choose someone in good health or younger than you who will likely be around after you’re gone.

Also, if your executor of choice happens to live in another state, you’ll need to check your state’s law to see if it imposes any special requirements. Some states require an out-of-state executor to be a family member or a beneficiary, some require a bond to protect your heirs in case of mismanagement and some require the appointment of an in-state agent.

Text Only | Photo Reprints
Features
  • Just say no to 12-year-old’s Mohawk

    A mom recently asked me what I would say to my son if he was 12 years old and wanted a Mohawk haircut for the summer. I told her I’d say no. “But is it really that big a deal?” she said....

    August 1, 2014

  • Peanut Butter and Jelly Jam set

    Norman residents will serve peanut butter and jelly sandwiches to the homeless from 10 a.m. to noon Saturday at Andrew’s Park, 201 W. Daws St. A pop-up store also will distribute donations of new and gently used books, clothing, shoes, ...

    August 1, 2014

  • CCFI announces play therapy course

    Center for Children and Families will present the course Fundamentals of Non-Directive Play Therapy from 9 a.m. to 3 p.m. Aug. 8 at Sarkeys Foundation, 520 E. Main St....

    August 1, 2014

  • Recent weather has been surprising

    Earlier this July, a dense cold front slipped into the central section of the Southwest — including Oklahoma, Kansas, Texas and bordering states — dropping daytime temperature highs into the upper 60s and 70s, which I believe is an ...

    August 1, 2014

  • Are you a puppet or a prince?

    Names have power. This cautionary statement is frequently found in fantasy novels populated by magical beings. The implication being that you should choose your friends and enemies wisely....

    August 1, 2014

  • Crafter’s emporium planned Saturday

    Members of the Opal District Crafter’s Emporium, plus other local artists, will have an art show from 10 a.m. to 5 p.m. Saturday at the Cleveland County Fairgrounds, 615 E. Robinson St. in Norman. It will be hosted concurrently with the ...

    July 31, 2014

  • Williams book signing event set

    Jared Williams, a resident of Moore, will sign copies of his book “Cerebral” from 1 to 3 p.m. Saturday at Hastings, 2300 W. Main St. Norman....

    July 31, 2014

  • Home dedication set Sunday

    Cleveland County Habitat for Humanity will host a dedication of the Ruvalcaba family home from 2 to 4 p.m. Sunday at 618 E. Apache St. Those attending are asked to bring a pantry item to help the family begin life in their new home. ...

    July 31, 2014

  • Two territorial littermate cats are asserting social dominance

    Dear Dr. Fox: When we decided to get a cat 10 years ago, I thought getting a couple of littermates would work well. They got along during the first couple of years, often sleeping together and grooming each other. As they matured, though, ...

    July 31, 2014

  • Board welcomes new member

    In its June meeting, the members of the Mary Abbott Children’s House board of directors elected Barbara Henderson to serve the remaining term of Anne Ederington, who resigned from the board in May due to moving from Norman. Henderson and ...

    July 30, 2014