When creating a will, you can’t finalize the process until you’ve selected an executor. While you could make just any decision and hope it works out, this is a big risk that could put your estate at risk and your loved ones in an awkward position after your death
Before choosing an executor, it’s critical to understand their duties. These can include, but are not limited to, the following:
- Reviewing the will to better understand the terms and conditions
- Distributing property based on the language of the will
- Maintaining all property until it’s ready for distribution
- Paying all taxes and bills associated with the estate
- Making any required court appearances, such as for the probate process
On the surface, it sounds simple enough to carry out these duties, but in real life, it can be much more complicated. For example, if it’s a large estate with many taxes and debts, it can be a challenge to keep everything organized.
Here are some traits to look for in an executor:
- Honest and trustworthy
- Possesses solid financial knowledge
- Has ability to make the right decisions despite what’s going on around them
It doesn’t matter if you’re creating your first will or need to alter the one that you already have, be sure to choose the right executor. Once you do this, discuss your selection with the person to ensure that they are up to the task.
There’s a lot that goes into creating an estate plan, so don’t put it off any longer. If you don’t choose an executor for your will, the court will appoint one after your death. Sometimes that could put the wrong person in charge.