The executor, trustee, and guardian have extensive duties, the most important of which will be noted.
Although it may be an honor to be named, it also involves significant work for which the person or entity
named is entitled to compensation. In selecting a person or entity to serve, give thought to the position's
duties and responsibilities, the person's experience and ability, and the time that will be involved to
properly execute the assigned duties.
A. EXECUTOR
Note: The Executor must do the following:
- Identify, collect and value each asset and debt of the decedent;
- Invest the assets to produce income and growth;
- Verify each claimed debt before paying the debt;
- Mediate disputes among beneficiaries over disputed items;
- Divide and distribute all personal property among persons designated;
- Prepare and file US and State income, gift and death tax returns and arrange to have money to pay any taxes due. Death tax returns are due nine (9) months from the date of death.
Note: The person or persons to be appointed as guardian are persons who will raise your child or children in the manner you would want them raised. Since the money for your child or children can be put in trust, the guardians of the person of the child or children do not necessarily have to be a good money manager. If you name a couple, please indicate if you are comfortable with only one of them serving if only one of them can serve. Before naming anyone, it is recommended that you speak to the person whom you are considering to ensure that the person is willing to serve.
C. POWER OF ATTORNEY FOR FINANCIAL MATTERS
D. POWER OF ATTORNEY FOR HEALTHCARE
Other Distributions: Household goods to: spouse __ _
Ultimate beneficiaries: If all beneficiaries and descendants listed above predecease you:
If a Revocable Living Trust is requested, please also provide the following:
- (1) a copy of the recorded Warranty Deed and tax identification number for all Real Estate in which you have a personal ownership interest, including your residence and any timeshare interest(s) you own (the latest tax bill(s) will have the ID number for each property if it is not published on the recorded deed)
- (2) evidence of any promissory notes or recorded mortgages payable to you
- (3) evidence of interest(s) you have in any business or partnership.
