One of most important aspects of estate planning is deciding who your executor will be. Executor duties include maintaining contact and communication with beneficiaries, protecting and distributing assets, paying all taxes, and addressing creditor claims.
Consider the following tips when selecting your estate executor:
- Don’t choose an executor based on your emotional attachment to them. While you may trust certain loved ones to properly divide your estate according to your wills and trusts, they may not be as responsible or organized with financial matters when they’re grieving over your loss.
- Any conflicts based on your choice. When come close to a decision, consider any conflicts which might arise because of your choice. Think about your family dynamics.
- Don’t choose someone without their knowledge. Upon deciding the most suitable candidate, discuss their responsibilities with loved ones and a reliable attorney. In case the executor doesn’t feel like they can accomplish the position, become mentally incapacitated or pass away, always have alternates in mind.
- Choose who you think would be great at being diplomatic. The person most qualified for the job is someone you can maintain civility amongst beneficiaries. If you decide to have two executors (co-executors), think about how well they can cooperate with each other.
- You may choose a lawyer or another reliable professional outside the family. If your estate is complicated or if there’s no clear-cut option amongst your family members, research how much you would have to pay to have a professional be the executor.
For more information about estate planning, contact our firm to schedule your consultation.