Estate Planning: Choosing an Executor
Estate planning is a daunting task for many, whether they are young or elderly, own little assets, or own many. Regardless of these factors, it is important to take stock of what is important to you and to apply that to your personal estate plan. Additionally, it makes all the difference to assign responsibility to individuals you can trust. For this reason, one must carefully choose an executor to carry out the wishes stated in their will.
The Executor Does Not Need to Be Your Spouse
The executor of a will is responsible for a range of tasks soon after the death of the grantor (the creator of the will) After discussing your options with your spouse, you may indeed find that they are the right fit. However, keep in mind that your spouse may be consumed with grief following your death, and may not be equipped to handle the tasks at hand.
Communicate Responsibilities and Expectations
Estate taxes and associated estate administration costs must be paid by the estate. These expenses include debts of the deceased and funeral cost, among others. An executor’s responsibilities can be simplified by thoughtful action on your part. First and foremost, be sure to leave behind an estate plan that accurately reflects your preferences. In doing so, you will spare your executor any confusion and unwanted conflict among your surviving loved ones.
Make Your Executor’s Work Easier
In addition to leaving behind up-to-date estate planning documents, you will also want to make vital documents available to your executor. This includes your birth certificate, property deeds, financial account information, and marriage and divorce records, among other documents. There is a considerable amount of work involved in being executor, and they will appreciate any forethought on your end.