After you complete the arduous effort of finalizing your estate plan, you want to ensure that, upon your passing, your estate gets settled exactly how you choose. The best way to do that is by designating the right executor.
What is an executor?
This person will be responsible for handling all the details of your will and settling your estate. They will need to notify banks, insurance companies, employers, employees, beneficiaries and any other relevant person of your passing. The tasks of initiating probate and representing your estate in court will also fall to your executor. They will pay remaining financial obligations and address any tax responsibilities, as well as valuating and distributing your estate.
Who should you choose?
You will want to ensure that the person that fills this important role can fulfill all of the responsibilities that it demands. Keep in mind the duties in store for your executor and consider your friends and family members carefully. An executor should have the following qualities:
Your executor will face many important decisions and strict deadlines. They will also deal with difficult conversations and potentially adversarial conditions. Consider all of these things when deciding who to name as your estate’s executor. You may also want to consider designating someone who is not a friend or family member, as appointing an accountant, lawyer or trusted advisor is also an option.
This important decision may take time, but choosing the right executor is crucial for the future of your estate.