After the recent deaths of Michael Jackson, Farrah Fawcett, Ed McMahon and Billy Mays, I think the entire country has death on its mind. It's a morbid topic, to be sure, but it also forces us to think about our own mortality. And one of the most important things to think about: How do I want my estate to be handled when I die?

As I'm reading articles in the aftermath of Michael Jackson's death, I keep thinking the same thing, "I hope he had an up-to-date will and has named a competent executor, because his estate sounds as if it could be a mess." He has three children (two with an ex-wife, who reportedly relinquished custody years ago, plus a third with a surrogate). He reportedly has hundreds of millions of dollars of debt. He apparently has multiple homes, a lot of valuable art, some priceless possessions and a body of musical work that will continue to generate income long after his death.

Your estate probably isn't anywhere near as complex as Michael Jackson's, but that doesn't diminish the importance of picking the appropriate person to act as executor of your estate.

An executor, sometimes known as a personal representative, is the person named to administer your estate upon your death. This person is responsible for using the estate's assets to pay any debts, file tax returns on behalf of the estate, and distribute the estate's property according to the deceased person's guidelines as specified in their will.

Selecting an executor can be a tough; the person you choose must appreciate the issues involved with their duties and carry out your wishes. They must be responsible, trustworthy and mature. Many people appoint lawyers, bank trust officers, and accountants as their executors. Don't look at the selection of executor as a popularity contest. You want an individual who is capable of carrying out the executor's responsibilities.

A relatively simple estate may settle in a matter of months, but it's not unheard of for estates to take years to settle. My mother was the executor for another family member who died in early 2006. The estate was relatively straightforward, but as recently as a couple months ago my mom was still dealing with lingering details related to its settlement.

An executor, or personal representative, is responsible for managing the estate of someone who has died. These responsibilities include:

• File the will with the appropriate state probate court
• Petition the court for letters for proof that the executor has been legally appointed
• Request certified copies of the death certificate
• Assemble and inventory the estate's assets, including checking and savings accounts, real estate deeds, vehicle or boat titles, brokerage accounts, stock and bond certificates and other property
• Re-title property as necessary
• Manage and protect the estate property
• Pay any debts owed by the decedent at the time of death, using money from the estate
• Open and inventory the contents of all safe deposit boxes
• Close bank or brokerage accounts that the decedent solely owned and open a checking account for the estate to pay the estate's debts and other obligations if needed
• Locate insurance policies and file claims for benefits
• Collect any money or other property due to the decedent
• Retain the services of professionals when required, including accountants, attorneys and financial advisors
• Maintain estate records, including records regarding receipts and disbursements, and file any required accountings
• File tax returns when required, including income tax returns for the decedent and the estate and state and federal estate tax returns, if required, make various tax elections, and pay any tax due using money from the estate
• Keep beneficiaries informed of actions taken on behalf of the estate
• Contact the nearest Social Security office about survivor benefits
• Distribute the estate's assets according to the instructions left in the will
• Close the estate after ensuring that claims against the estate are paid and distribute the remaining assets to the beneficiaries

If a family member asks you to be an executor, make sure you're comfortable with the responsibility before accepting the job. Among the things to consider:

• Do I have the time to serve as executor?
• Am I organized and detail-oriented?
• Do I feel confident dealing with finances?
• Do I feel comfortable working with lawyers, accountants, government employees, bankers, real estate agents, financial advisors and others who may need to help me as I settle the estate?
• Am I able to handle the pressure that comes with managing the estate? Will I be able to answer questions from beneficiaries and handle the pressure of the job?

Related Links:

• Read more about wills and probate on Lawyers.com
• Learn more about the probate process
• Discuss your legal issues on our Estates, Wills & Probate forum
• Lawyers.com Suggested Legal Books

Few of us want to spend much time thinking about our death. That's probably why a 2007 Martindale-Hubbell survey showed that 55 percent of adult Americans do not have a will. A lot of us make the mistake of assuming that wills are only for people who have children or own real estate or have a lot of money. But if you have any property at all--money, real estate, possessions--or any minor children, you need a will, and you need to keep it up to date.

Details of Michael Jackson's will are not yet confirmed, but there's some speculation about the state of his estate. Many news reports claim he had hundreds of millions of dollars of debt. Some news reports say he had at least two wills and other news reports say he had no recent will.

Even celebrities and the very wealthy sometimes die without a will, or without a current will. When singer James Brown died in 2006, his family discovered that his will hadn't been updated since 2000. Unfortunately, he'd married and fathered a child after that last will was written. A long court battle ensued, and a settlement was only reached in May 2009.

The sad fact of the matter is that thousands of people die unexpectedly each and every day. You can use Michael Jackson's death as an opportunity to talk to your family members about their estate plans and your own. Among the factors to discuss:

• Do you have will? Is it up to date?
• Do your close family members know where to find a copy of your most recent will?
• Have there been any major events in your life since you last updated your will?
• Have you discussed your intentions with the people you've named to serve as the executor of your estate (sometimes known as a personal representative) and as guardian of your minor children?

A will allows you to distribute your property, after your death, in a very precise manner. If you die without a will, your property will be distributed according to a formula set by the state. State laws would generally require your estate to be distributed as follows:

• If you are single and have no children, your estate would be split evenly between your parents or between your siblings if your parents are dead
• If you are single with children, your estate would be split evenly among your children
• If you are married but have no children, your spouse would receive one-third to one-half of your estate and the remainder would be split evenly between your parents or your siblings, if your parents are dead
• If you are married with children, one-third to one-half of your estate would go to your spouse and the remainder would be split evenly between your children

The court will appoint an administrator to settle the estate. The administrator is responsible for carrying out the same responsibilities as an executor.

As a rule of thumb, you should update your will every three to five years, or more frequently if you experience major life changes. Among the reasons to write a new will:

• Someone named in the original will has died
• Your marital status has changed since the will was written, and you're now married, divorced, remarried or widowed
• You had no children when the will was originally written and you're now a parent, or you have more children than when you originally drew up your will
• Your children are now all at least 18 years old
• You'd like to add or remove heirs
• You've acquired or disposed of a significant asset, such as a house or business
• You've changed your mind about how you'd like your assets to be distributed after your death
• The value of your estate has increased or decreased significantly
• You'd like to add or change the charities named in your will
• You've moved to a different state
• New laws have been passed that would affect your estate
• You'd like to change the people originally designated as guardians, trustees or personal representatives
• A witness to your original will has died or can't be located
• It's been more than five years since an attorney last reviewed your will

Related Links:

• Read more about wills and probate on Lawyers.com
• Learn more about how you can stop fights over your estate
• Discuss your legal issues on our Estates, Wills & Probate forum
• Lawyers.com Suggested Legal Books