If you’re creating an estate plan, there will come a point when you need to name an executor for your will. This sounds like an easy decision until you come to realize that this person will have a variety of high-level responsibilities upon your death.
Here are just some of the many things your executor will be responsible for when it comes to having your estate:
- Locating all of your assets and managing them until distribution
- Filing your will with the appropriate probate court
- Finding and contacting all people named in the will as a beneficiary
- Setting up a bank account to manage the estate
- Paying all final debts, including bills and taxes
- Ensuring the final distribution of property to the designated beneficiaries
As you can see, there’s no shortage of responsibilities that your executor will take on. And if things become complicated, such as the result of a will contest, your executor will have even more duties on their plate.
With that in mind, here are some of the traits to look for in an executor:
- Good communication skills
- Willing to put the necessary time into the process
If you rush your decision, you could end up naming an executor who doesn’t have your best interests in mind. As a result, they make poor decisions that go against the terms and conditions of your will.
Once you compare all your options, make a final decision on who you want to name as the executor of your will. From there, ask this person if they’re okay with this. If they are, you can add the appropriate information to your will and feel better about what will happen upon your death.