How to Choose an Executor

End of Life Management Toolkit #2 | by Team Passare and Robert L. Shepard

Glossary
Executor: The person (or entity) who handles the steps involved in carrying out the instructions in a Will, including the probate process and the distribution of assets passing under a Will. This person may also be referred to as personal representative or administrator.
Probate: A court-supervised process to accomplish the transfer of property from a decedent to the decedent’s beneficiaries as directed by a Will. Information used during this it becomes a matter of public record.
Probate Estate: A probate estate means all of the assets that must be processed in a probate proceeding. A trust estate means all of assets that are held by a trust. A taxable estate means all of assets that are subject to estate tax.
Non-Probate Property: All property that is not “probate” property and transfers to beneficiaries at death through means other than the probate process.
Personal Representative: The person who handles the steps involved in carrying out the instructions in a Will, including the probate process and the distribution of assets passing under a Will. This person may also be referred to as an executor or administrator.
Probate Property: Property that, at death, transfers by a Last Will and Testament to a beneficiary through a probate process.
Beneficiary: An individual or entity receiving some portion of Will or trust assets. A primary beneficiary is entitled to assets before any subsequent, or contingent, beneficiary’s rights.
Will: The informal title for a Last Will and Testament; a document in which an individual sets out his or her desires for the transfer of assets upon death.
Intestacy: The transfer of assets following default transfer rules when a decedent does not have a Will.
Passare

From birth to death, life is a series of passages.  Passare provides an online service that connects people to trusted End of Life Management experts and resources.  With Passare, you can explore, plan and prepare for End of Life Management, simplifying the process while honoring ensuring the specific needs and wishes of you and your family. Passare gives you control over one of life’s most important passages.

 

The Robert L. Shepard Professional Law Corporation

Robert L. Shepard’s practice is focused on preventative law, basic estate planning, designed to avoid probate; family limited partnerships designed to reduce estate taxes; S Corporation formation to protect assets, and creating irrevocable trusts to protect inheritors against creditors. He has helped over 1,000 clients protect their hard-earned assets and ensures that these assets get passed on to the next generation. Having been before every Federal District Court in California, the U. S. Tax Court, and many of the state’s Superior Courts, he has never had a single: trust set aside, business agreement held unenforceable, or entity disallowed by the Internal Revenue Service, or any court. He also as a deep interest in transferring his breadth of knowledge in the classroom as a law professor. Visit his website here.

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