An executor is in charge of administering an estate after an individual passes away. Estate administration can involve many different responsibilities, including managing any investments owned by the decedent and paying any outstanding debts. An executor also is responsible for distributing the remaining assets in the estate according to the decedent’s wishes stipulated in their will and other estate planning tools. The decedent usually names who they want to serve as executor in their will.

Role of an Executor

The first task as executor of an estate is usually locating the decedent’s will. The executor will also need to obtain several certified copies of the death certificate in order to provide to financial institutions, insurance companies, and certain government agencies.

The executor is also responsible for notifying all creditors, as well as anyone who is named as an heir in the will. He or she is also tasked with coming up with a complete inventory of all of the estate’s assets, debt, income, and expenses.

A crucial part of the estate planning process involves the management of money and assets to ensure that a person will be able to provide for both themselves and their family members. Trusts can be one of the most useful tools for doing so. Assets that are held in a trust will be owned by the trust itself, and a trustee will manage the trust and distribute the assets according to specific instructions. Passing assets to beneficiaries through a trust can often be done much more quickly, efficiently, and privately than by leaving property to loved ones in a will. There are multiple types of trusts available, and understanding the best ways to use these tools can ensure that a person’s and family’s needs will be met.

Common Types of Trusts

• Revocable living trusts - With these trusts, the settlor who creates the trust will be able to change the terms of the trust if need be, and they may also act as the trustee, ensuring that the assets will be managed and distributed correctly. The settlor may also be a beneficiary, allowing them to make use of certain assets to meet their own needs while they are still alive, while ensuring that a successor trustee will distribute the remaining assets to other beneficiaries after their death.

• Irrevocable trusts - In some cases, it may be beneficial to completely remove assets from the settlor’s control, while providing instructions for how assets will be used. This may ensure that assets will not be subject to estate taxes, and it can also protect assets from claims by creditors.

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When a person dies, the executor or administrator of their estate will file their last will and testament in probate court. During this process, the executor or administrator will oversee the deceased person’s final affairs, including performing an inventory of their property and assets, making payments to creditors, and distributing their assets to the beneficiaries named in their will. In some cases, disputes may arise among the deceased person’s beneficiaries regarding the distribution of assets. However, a will can only be contested in certain cases, and the parties in these types of disputes will need to work with an attorney to address the validity of their loved one’s will.

Grounds for Contesting a Will

Disagreements between a person’s heirs may arise when a person believes that they should receive certain assets or because they do not believe that the will accurately reflected the testator’s wishes (the person who created the will). If a person wishes to contest a will, they must do so within three months after being notified that the will has been filed in probate court. A will may be contested based on:

• Lack of testamentary capacity - When signing their will, a person should have a full understanding of the extent of the assets they own and the decisions being made about the distribution of their assets to their beneficiaries. If the testator was not of sound mind or did not fully understand the terms of their will, the will may be invalidated. For example, if a person had been diagnosed with Alzheimer’s disease or dementia before they signed their will, they may not have had the testamentary capacity to understand the decisions being made.

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Even though it can be difficult to contemplate the possibility of death, it is important for everyone to consider what they want to happen when they reach the end of their life. This has become especially clear during the COVID-19 pandemic, since the spread of this disease has forced many people to make decisions about the types of care they would want to receive if they are on a ventilator, in a coma, or unable to make their own decisions or communicate their wishes. As part of the estate planning process, it is a good idea to create advance medical directives that address the types of medical care a person wishes to receive and the measures to be taken if he or she becomes incapacitated. These directives may include a living will and durable power of attorney for healthcare.

Making Decisions About Medical Care

While advance medical directives can address what a person wants to happen near the end of his or her life, they can also be used in situations where a person is incapacitated and cannot make his or her wishes known. By considering these issues while a person is still in good health and able to make decisions for himself or herself, family members can avoid being placed in a difficult position if the unexpected should happen.

It can be uncomfortable to imagine what life will be like when you are gone. You may be imagining your spouse lonely or moving on or you may picture your kids continuing to grow up without you there. While you may not be able to control what happens to your loved ones after you pass away, you are able to determine how you would like your assets dealt with upon your death. This may include your finances, property, or other valuable belongings that you would like to control whose hands they fall into. There are two types of legal documents that designate how your affairs will be handled after your passing, and deciding which works for you is an important step in the Ohio estate planning process.

What Is a Will?

A will is a legal document that allows you to outline where your assets will be distributed and how you would like your affairs handled upon your death. You will list out your various assets and name the person who will receive this asset. This will include your home, vehicle, any owned property as well as your financial savings. For those with children who are minors, creating a will is especially important. It will allow you to name their legal guardians in the instance of your death. This can be a difficult decision to make, imagining who will care for your kids in your absence, but this will keep your children from being placed with family members who you think may be unfit to care for them. You can also divide up your estate between your children within your will, or even remove a child or spouse from being a beneficiary if you wish.