Parents know how vital estate planning is for your family. When they pass away without a will and other estate planning documents, they leave personal decisions about property and healthcare up to their children.
When a parent dies intestate, the children and other family members are essentially forced to guess what their final wishes were. This can be an enormous burden for them to bear.
It's important to create a comprehensive estate plan and share your wishes with your children. You may also wish to make your child the executor of your estate, but when is the right time to share your estate plans with your children or put them in charge of your wishes?
How do you know when or if a child is mature enough to handle the important responsibility?
The executor of an estate is in charge of: administering the estate, carrying out the deceased person’s wishes, following probate laws, and settling the final affairs. Additionally, they have many duties, including filing the will with the county court, valuing assets, totaling debts, and distributing assets according to the will.
It is usually best for the executor to open a bank account for the estate, which is used to pay the deceased person’s bills and ensure the proper accounting of the money. The executor will be given authority to work with banks and other financial institutions to distribute the deceased person’s assets to heirs.
Per Illinois law, the executor must be at least 18 years old and a United States resident. They cannot be of unsound mind or have certain disabilities. Additionally, individuals convicted of felony criminal offenses are unable to act as executors.
Being the executor of any deceased person’s estate is a major obligation. If you are unsure of whether your children are ready to be assigned this particular task, ask yourself some of the following questions:
If you have more than one child, you may be wondering which child should be executor. Some people choose to name one of their children as the executor while others decide to name multiple children as co-executors.
IF you decide to name more than one executor, you will need to make sure they can cooperate and make decisions unanimously.
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
Click here to learn more!
When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
Click here to get started with your estate planning checklist!
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
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