There are a lot of decisions you have to make when you’re creating an estate plan. While many people focus on things like passing down their assets, there are others that have to be made. One of these is deciding who will be your executor.
Choosing an executor is one of the most important decisions you’ll make when you’re creating an estate plan. This is the person who is responsible for carrying out the instructions you’ll leave in the estate plan.
Understand what an executor does
Before you decide on who should serve as your executor, you should understand the duties of an executor. This person will have to find your assets and beneficiaries. They also have to pay valid debts, communicate with your beneficiaries and handle a host of administrative and financial duties.
The right executor is someone who’s organized, trustworthy and willing to handle the responsibility. The individual doesn’t have to be a financial expert, but they should be able to understand basic financial principles.
While it’s not necessarily the top consideration, you should also ensure that you choose someone who will be available to handle the probate process. Some tasks have to be handled in person, so it’s usually best if you choose someone who lives near you.
Once you decide on an executor
After you decide who you want to serve as the estate executor, you should talk to them. Let them know that you’re naming them as the executor and find out if they’re willing to take on the responsibility.
Naming the executor is only one part of creating an estate plan, but it is an undeniably important one.