In what state is your Will?

And I don't mean the State of Illinois!

When was the last time you got out your Will and read it?

Before you do, ask yourself a few questions. Write them down.

1. Whom do I want to handle the clearance of my estate?
2. What law firm do I want him or her to use?
3. Who is to get what? And when?
4. Who isn't to get what?

Then get the Will out and see whether your Will actually reflects your will.

One of the most important declarations in your Will is to name the person whom you want to clean up your affairs. This person is called the Executor. Often one spouse will name the other spouse. Or a parent might name an adult child.

Or a parent who really thinks through the problems and challenges that an Executor will face might name someone else. Why would he name someone else?

Let's say there is a "personality conflict" between the parent and the adult child he might name as Executor. Or a conflict between two children, if one of them should be named the Executor. Will the appointed child, the Executor, serving as a fiduciary of the Estate, serve first in the fiduciary capacity in the role of the Executor.

This means keeping his hands out of the cookie jar. During the period of time to settle the Estate, the Executor cannot make large cash distributions - to anyone. Not to himself as heir. Not to both or multiple heirs. Not to anyone, until the Estate is settled and the expenses, the bills and the other creditors have been paid. If there is anything left, then the heirs split it up.

Let's say that the person under consideration as Executor doesn't have the strongest track record of handling his own financial affairs properly. Is that person a spendthrift? Does money just slip through his hands? Gone in a flash? Now, here, it's okay to use "him" and "her" interchangeably.

Is there a temper or temperament problem? Is there a problem with alcohol that could impair judgement and reasoning?

Being an executor is not an easy chore. An executor is entitled to compensation for his fiduciary duties. When you consider your choices for executor of your own estate, will you pick one who will charge only a fair compensation? And who will hire an attorney who will charge only fair fees for his services? And not "milk" the estate?

Should a bond be required on the Executor? And a surety on that bond? Waiving it under a Will is common practice, and too often not well thought through.

I recall as estate settlement in Illinois where literally thousands of dollars went down the drain in Trustee and legal fees, because the large family of children each kept calling the bank trustee, who kept referring them to the attorney for the estate, who was very happy to talk to each of the children (and bill accordingly). Since they were all asking the same questions, the trustee should have gotten the answer once from the attorney and then repeated it to the many children. The trustee's hourly fee would have been substantially less than the attorney's.