If you are looking at creating your first will in Ohio or perhaps are planning to review and maybe update your existing will, it is important to be clear about what is required of the person who you will identify as the executor of your will. While many people may think the best person for this role is a spouse, adult child or other close relative, the decision about who to appoint as your will's executor should not be made on familial relation but on the skill and ability of the person.
Fidelity Investments explains that the executor of your will essentially is tasked with many important financial and legal matters. This person must be able to understand the issues involved which may run the gamut from obtaining valuations of items in your estate to settling tax matters and filing legal notices.
One of the first things that an executor must do after you die is to prepare and file a complete inventory of every asset and liability related to your estate. This means the person must have acces to information that allows them to know what your assets and debts are. If there are any outstanding debts, the executor must make sure they are appropriately paid as this must be done prior to the completion of the probate process. Similarly, the executor must collect any money owed to your estate and file all final tax returns.
This information is not intended to provide legal advice but is instead meant to give Ohio residents an overview of the responsibilities involved in being the executor of a will.