Things to Consider When Picking an Executor

Things to Consider When Picking an Executor The role of an executor is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets, according to the will, the maintenance of assets until the will is settled, and the paying of estate bills and debts. An old joke says that you should choose an enemy to perform the task because it is such a thankless job, even though the executor may take a percentage of the estate’s assets as a fee. The following issues should be considered when choosing an executor for one's estate. Competency: The executor of an estate will be going through financial and legal documents and transferring documents from the testator to the beneficiaries. If there are legal proceedings, the executor must make all necessary court appearances. There is no requirement that a testator has any financial or legal training, but familiarity with these areas does avoid the intimidation felt by lay people, and potentially saves money on professional fees. Trustworthiness: The signature of an executor is equivalent to that of the testator of an estate. The executor has full control over all of an estate’s assets. He or she will be required to go through all of the papers of the deceased to confirm what assets are available to be distributed. The temptation to transfer assets into the executor's own name always exists, particularly when there is a large estate. It is important to choose a person with integrity who will resist this temptation. It makes sense to utilize an individual who is an heir to fill the role to alleviate this concern. Availability: The work of collecting rents, maintaining the property, and paying debts can take more than a few hours a week. Selecting an executor with significant obligations to work or family may cause problems if he or she does not have the time available to devote to the task. If an executor must travel great distances to address issues that arise, there will be more of a time commitment necessary, not to mention greater expenses for the estate. Family dynamics: Selection of the wrong person to act as executor can create resentment and hostility among an estate’s heirs. A testator should be aware of how family members interact with one another and avoid picking someone who may provoke conflict. Even the perception of impropriety can lead to a lawsuit, which will serve to take money out of the estate’s coffers and delay the legitimate distribution of the estate.

www.SacramentoEstatePlans.com 2377 Gold Meadow Way, Suite 100 Gold River, CA 95670 __________________________________________________________________ Sacramento, California, Wills,  Trusts, Attorney Lawyer Law, Law office of Joan Medeiros, probate, elder law, medical planning, medi-cal,asset,protection,planning, Estate Planning, Attorney, Lawyer, Law Firm, Sacramento county Probate, Estate Administration

Things to Consider When Picking an Executor

Things to Consider When Picking an Executor The role of an executor is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets, according to the will, the maintenance of assets until the will is settled, and the paying of estate bills and debts. An old joke says that you should choose an enemy to perform the task because it is such a thankless job, even though the executor may take a percentage of the estate’s assets as a fee. The following issues should be considered when choosing an executor for one's estate. Competency: The executor of an estate will be going through financial and legal documents and transferring documents from the testator to the beneficiaries. If there are legal proceedings, the executor must make all necessary court appearances. There is no requirement that a testator has any financial or legal training, but familiarity with these areas does avoid the intimidation felt by lay people, and potentially saves money on professional fees. Trustworthiness: The signature of an executor is equivalent to that of the testator of an estate. The executor has full control over all of an estate’s assets. He or she will be required to go through all of the papers of the deceased to confirm what assets are available to be distributed. The temptation to transfer assets into the executor's own name always exists, particularly when there is a large estate. It is important to choose a person with integrity who will resist this temptation. It makes sense to utilize an individual who is an heir to fill the role to alleviate this concern. Availability: The work of collecting rents, maintaining the property, and paying debts can take more than a few hours a week. Selecting an executor with significant obligations to work or family may cause problems if he or she does not have the time available to devote to the task. If an executor must travel great distances to address issues that arise, there will be more of a time commitment necessary, not to mention greater expenses for the estate. Family dynamics: Selection of the wrong person to act as executor can create resentment and hostility among an estate’s heirs. A testator should be aware of how family members interact with one another and avoid picking someone who may provoke conflict. Even the perception of impropriety can lead to a lawsuit, which will serve to take money out of the estate’s coffers and delay the legitimate distribution of the estate.

www.SacramentoEstatePlans.com 2377 Gold Meadow Way, Suite 100 Gold River, CA 95670 __________________________________________________________________ Sacramento, California, Wills,  Trusts, Attorney Lawyer Law, Law office of Joan Medeiros, probate, elder law, medical planning, medi-cal,asset,protection,planning, Estate Planning, Attorney, Lawyer, Law Firm, Sacramento county Probate, Estate Administration

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FHA-backed construction mortgages are available for site-built, manufactured and modular homes. Generally, when homebuyers have their homes built from the ground up they use construction loans followed by permanent mortgages. Fortunately, a mortgage product called a "construction-to-perm" loan is available that doesn't require two separate loans complete with separate closing costs. While a construction-to-perm loan might seem likely only for more well-to-do homebuyers, the Federal Housing Administration actually does offer its own version. An FHA one-time close mortgage truly allows you to have your home built and financed under one loan.

FHA's one-time close mortgage is offered by banks approved to lend using FHA-insured mortgages. Additionally, an FHA one-time close mortgage can be used for traditional site-built as well as manufactured or modular homes, including their lot purchases. Each FHA-approved one-time close lender, though, decides just what home types it will include in one-time close financing. For instance, some lenders only offer FHA one-time close mortgages for modular or manufactured homes while others also offer them for site-built homes. More