Alongside drafting a will, one of the most important decisions you can ever make is choosing an executor for your estate. This is the individual who will “step into your shoes” when you pass on to implement your wishes and desires as outlined in your will.
Given the enormous responsibilities that come with this role, it is important that you get your pick right. As a rule of thumb, you want someone who is both dependable and well-organized.
What does the executor do?
The roles of the executor will vary depending on your wishes and the complexity of your estate. That being said, this individual is basically responsible for identifying and presenting your will to the probate court, obtaining your death certificate, taking stock of your assets and debts, identifying your heirs, paying your final debts, filing your final taxes and distributing your assets to the beneficiaries according to your will.
Here are two questions that you should ask when choosing an executor for your will:
- Are they trustworthy? You have worked so hard to create your wealth. It only makes sense that you appoint an executor who is honest and trustworthy. Choose someone you believe will ensure that your intentions and desires are honored.
- Are they responsible and available? You want an executor who understands the importance of time when it comes to probate disposition. Remember, your beneficiaries will be looking up to the executor to speed up the probate process and ensure that everyone gets what they are entitled to in a timely manner.
Creating a will gives you peace of mind knowing that your wishes will be honored when you die. Find out how you can create a will that reflects your goals and your family’s needs.