Once you begin the process of planning your estate in Ohio, you will need to make several decisions regarding the essential components of your future. Some of these decisions may include establishing guardianship for any dependents you may have, allocating assets and selecting heirs, and choosing someone who will be in charge of executing your will and guaranteeing that your estate is laid out as you have designated.
Deciding who you want to have the critical responsibility of executing your estate is a critical decision as you want to make sure that your final wishes are honored. According to AOL, if you are unable to choose who you want to be an executor for your estate before you die, the courts have the jurisdiction to make this selection for you. If this happens, it is not a guarantee that one of your family members will be chosen to assume this responsibility, and even if they are, it may be someone you are not comfortable having those responsibilities.
Some of the responsibilities that you may designate to your executor include the following:
- Assessing and paying off any outstanding debts on your estate.
- Paying all of your taxes.
- Identifying beneficiaries, notifying them of your passing and allocating your assets.
The person you select should be someone who values your opinion and knows your family. They should also have a thorough understanding of your estate plan and your final wishes which is something you can explain to them in detail. The information in this article is intended for educational purposes only and should not be taken as legal advice.
