Executors and Guardians

Executors and Guardians

Executors and Guardians

Executors and Guardians

The property you leave behind when you die is known as a "decedent's estate." Whether you die testate (leaving a valid WILL) or intestate (without a valid WILL), it is usually necessary for one or more competent persons or a corporation to be entrusted and charged with the duty of administering the personal property left behind. As a general rule, real property is not subject to administration unless it becomes necessary to sell the real property to pay the decedent's debts.

The first object of administration is to collect the assets of the estate and pay the claims chargeable against the estate, including taxes. The second object is to determine the persons to whom the property remaining after the payments of debts and taxes is to be distributed, and to effect the delivery. The administrator or executor is referred to as the "legal representative" or "personal representative." In the absence of an agreement to the contrary, an executor is entitled to "fees" or "commissions" which will depend upon the size of the estate. In all states, the rates are fixed by law. The selection of your executor is an important decision. You may want more than one executor and you may decide to save taxes by making specific bequests to your executors in lieu of commissions, or by having a separate agreement with them that they will waive fees or commissions in consideration of the bequest.

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The rules governing the qualifications and appointments of executors vary from state to state although they are generally similar. You may select an individual of full age and sound mind, or a corporation. You may name your executor in your WILL or you may delegate to some person, in your WILL, the right to select an executor. If you feel that your wife does not want to be bothered with the details of managing an estate, you may delegate to her the power to name the person who is to act as executor. If you have property in several different states or countries, you may want a different executor for each locality and each executor will then have separate duties and will render a separate account. Unless your executor is an attorney, he will require legal assistance. Be extremely careful about do-it-yourself books on the subject of estate planning and administration. You need an attorney to the same extent and for the same reasons that you need a surgeon to perform a tonsillectomy. Your wife may want to serve as executrix and your hus band certainly should be named as an executor unless he declines to serve. You should provide for alternate or substi tute executors in the event of the declination or death of your original designee. In delegating the power to select an execu tor or substitute executor, you may give an unrestricted power or may limit it to a certain class or to the selection of one or more certain named individuals.

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