Considerations to Keep in Mind When Choosing the Executor of Your Estate
As you are putting together an estate plan, there are several questions that you will want to ask yourself throughout the process. While it’s important to identify all of the assets that you may have during your life and also decide who and how you are going to leave these assets after you pass away, it’s just as important to select an individual to act as the representative of your estate and ensure that they are up to the job. Choosing the executor of your estate is a key aspect in the planning process. As such, you should always take great time and care when choosing this individual.
What is an Executor?
An executor is an individual who will play an important role in the administration of your estate after you pass away. Your executor will be responsible for notifying the beneficiaries of your estate, marshalling or gathering all of the assets left behind in your estate and also paying off any debts that you may have left behind. The job of being an executor is a thankless job and certainly not something that every person wants to take on. Therefore, it’s imperative that you take great care when it comes to selecting the person who will serve as your executor.
What You Should Think About When Choosing Your Executor
There are several factors that you should consider when it comes to choosing an executor. This is a decision that should not be taken lightly. Therefore, here are a few details that our team recommends you keep in mind when making this important decision:
1. Does the person you’re considering have the time to work in this capacity?
It’s important to remember that the process of estate administration is not something that is typically quick and easy. In fact, it can take at least a few months to have the entire estate settled. Therefore, it’s important that you select an executor that has the time and the flexibility to be able to see to the details of administering the estate in a way that will benefit your beneficiaries.
2. Can you trust this person?
An executor is a person who takes on a tremendous number of responsibilities during the administration process. Therefore, it’s imperative that you select a person that you trust during your lifetime and will live up to these important responsibilities during the course of the administration.
One of the best things that you can do during your lifetime is to speak with the person you would like to select as your executor. You should share with them that you would like to name them in this position and confirm that they feel comfortable serving in this role.
Our Team Can Help You To Make These Important Decisions
While it’s true that our team can make these decisions for you, we are certainly available to help walk you through the process of putting together your estate plan. If you have questions or concerns, we make ourselves readily available to provide you with the insight and guidance that you need and deserve so that you can make the most out of your time with our estate planning team and develop a strategy that gives you the peace of mind of knowing that your final wishes will be seen to. If you have any questions or concerns when it comes to putting together an estate plan or you’re ready to take your initial steps toward developing an estate plan, we recommend that you get in touch with us today to learn more about our office and services. Call our office at 321-804-2915 or fill out our contact form and we will be in touch to schedule a meeting.