Sometimes little thought is given in the choice of executor. That can create problems.
The person in charge of your estate is the executor. Instead of thinking about whether the person they are choosing is the right person, many people just pick a close friend or relative. This can be a very big mistake, especially if the person does not know what they are doing, according to Forbes in “Choosing an Executor for Your Estate.”
The executor of your estate will have a lot of work to do. There are often important tax decisions that need to be made quickly. The executor needs to determine what assets you have at the time you pass away. However, they cannot just give those assets to the people you want to have them.
First, they need to go to probate court and be officially appointed to administer the estate. They will then need to determine if you had any debt when you passed away. That debt normally needs to be paid out of your assets before any property can be distributed.
Your executor needs to be someone who not only has the time to serve in the capacity, but also can handle administrative and financial tasks well. Put some thought into this important decision and visit with an estate planning attorney who can advise you on creating an estate plan that fits your particular circumstances.
Reference: Forbes (May 16, 2018) “Choosing an Executor for Your Estate.”
