When you write an estate plan, one step you should take is to choose an estate executor. This is the person who actually carries out the plan. They read your documentation, distribute copies to beneficiaries, inventory assets, pay debts and distribute assets appropriately – just to name a few of their duties.
It is important to pick the right person. There are some legal requirements, such as the fact that they need to be a U.S. resident and they have to be a legal adult. Below are some tips for making your choice.
Choose someone who can handle complicated tasks
First of all, this person may have to carry out several different tasks at once, and they’ll have to deal with paperwork, financial statements and much more. You certainly need to choose someone who can handle this level of complexity and won’t be overwhelmed or intimidated by it.
Find an executor with financial experience
Much of what the estate administrator has to do is financial in nature, so it can be helpful to pick someone who has experience or a background in the financial industry. They may need to learn how to access bank accounts, divide up investment portfolios, sell tangible assets and divide the earnings, and much more.
Choose someone who is nearby and who wants the job
Next, look for someone who is nearby and who can respond quickly if needed. Additionally, talk to this executor to find out if they even want the job. For some people, they can handle these tasks calmly and professionally. For others, it would be far too emotional after you have recently passed away. Make sure your chosen executor wants to be responsible.
As you work on drafting your estate plan and selecting the right executor or administrator, carefully look into all of the necessary legal steps.