Michigan residents may not like to think about their death. However, every individual should take steps to make an estate plan. Estate planning goes beyond creating a simple will. It often requires people to think about how they want their assets distributed, who they want to receive their assets and make other final decisions. In some cases, it may also require people to think about how they want their end of life decisions to be made.
People have a lot at stake when estate planning. They are literally planning for the future of their family and for their property. Therefore, steps must be taken to ensure that it is done correctly and that their wishes will be carried out, if possible.
An executor is responsible for carrying out the stated wishes of the decedent. By naming an executor, you are giving certain powers to another person over your estate. An executor has many duties. First, the executor is responsible for overseeing the disposition of property as specified in your will. In order to distribute assets, the executor often has to carry out specific tasks. These can include finding a person's assets, contacting people who are named in the will, or making sure the will is appropriately filed with the correct government authorities. An executor can also be responsible for creating a bank account for the estate and making any necessary payments from that account to creditors of the estate. An executor may also have to wrap up any of the decedent's financial affairs, including closing credit card accounts and notifying the Social Security Administration of a person's death.
Michigan residents should understand the important role the executor plays in administering an estate. Estate administration issues can be complex and the appropriate executor must be chosen. For more information about executors and their role in estate administration, people should consider seeking the counsel of an attorney.