Choosing an executor to carry out your wishes and manage your estate after you pass away is just as important as creating an estate plan. According to Ga. Code Ann. Sec. 53, in Georgia, you can choose anyone as an executor as long as they are at least 18 years of age and of sound mind. However, it is in your best to make sure that you choose a person that can handle your affairs effectively and is willing to respect your wishes.
What are the duties of an executor?
Executors have several fiduciary duties and responsibilities when it comes to managing an estate. Some of their key responsibilities will likely include:
- Obtaining and reviewing estate plan documents (e.g., wills, trusts).
- Collecting, valuing, and protecting estate assets.
- Notify creditors and beneficiaries of death.
- Pay debts and taxes.
- Maintain financial records.
- Distribute assets as specified in the decedent’s will.
While taking on the above responsibilities, executors have a legal duty to act in good faith in the best interest of the estate and named beneficiaries. Executors that breach their fiduciary duties by acting in their own self-interest can be held legally liable for their actions.
Selecting the right person to serve as your executor can make things easier for your family after you pass away. An attorney specializing in wills, estate planning, and probate can help finalize your decision and complete your estate plan as soon as possible.