Your friends and relatives are becoming fewer and fewer. Aging and death does that. And these situations make you ponder about what to do with your estate. Maybe you have gotten a late start on estate planning, but it is a start, nonetheless.
While making those first steps, you understand that estate planning is essential and that every detail within an estate plan is critical. Among those details includes selecting an executor – the person who oversees the estate, distributes its assets to beneficiaries, creditors and tax collectors as well as settles disputes. It is important who you choose. You want to make sure they possess the right attributes in getting the job done.
Trustworthy and comfortable in role
When determining an executor, there are some crucial things to do and to consider. Here are some of them:
- Your list of candidates should come from a pool of confident, trustworthy, reliable and financially savvy people. The list likely contains the names of dependable relatives and close friends. Do not fear if someone’s feelings are hurt for not choosing them. You want your estate in good hands.
- Make sure to discuss this matter with the people who make the short list. Would they be comfortable in doing this role? After all, an estate plan contains some complications and challenges. Are they comfortable settling potential disputes among beneficiaries? And do not forget the time commitment needed as an executor.
- Naming co-executors also is an option. Each bring different strengths to the fold. In addition, consider naming a back-up executor just in case. This could include an attorney.
And when your estate plan needs an update, make sure to do so when changes surface in your life. This may include replacing an executor as well. Maybe you had a falling out with this person, or your lives went in different directions. Regardless, have an estate plan and take great care in naming an executor.