Practically every person should have an estate plan in place. In addition to providing assets to your heirs, estate plans can also protect you while you are still alive in the form of long-term care planning and advanced directives.
When it comes to will creation, you will need to name an executor to carry out important duties. Because the task is so crucial, you must choose a person who can capably perform it. Here are a few things to consider when making your selection.
What does an executor do?
Executors have numerous duties when it comes to wills. They must file the document with the court and inform any creditors of the person’s passing. They must also make arrangements to settle any outstanding debts using assets from the deceased’s estate. If accounts remain open, the executor can close them. They may also participate in the sale of property, such as homes and vehicles.
Once this work is complete, the executor can begin dispersing assets to heirs. Only the assets contained within the will get dispersed this way. Any assets held in a trust or proceeds from life insurance policies and retirement accounts will go to the named heirs immediately.
How can you make a smart decision?
While it depends on the size of the estate, it can take years to complete the process. Accordingly, the executor you choose must have the time and be willing to devote it to your needs. They must also exercise responsibility in their lives, especially when it comes to finances. They will oversee all your assets as they handle your estate, so you must select someone that is trustworthy in nature.
Once you have made your decision, talk with the person immediately. Even if they are up for the job, they may not want to take on such a huge responsibility. You can also name a contingency executor as a backup in case the first selection is unavailable.