When it comes to choosing an executor, you should carefully consider your options. Being an executor requires a lot of responsibility, and depending on the complexity of your estate, it could require specialized financial and legal knowledge to carry out those responsibilities effectively.
Let's take a look at a few points you need to keep in mind when selecting who shall assume this responsibility on your behalf and the rest of your family's behalf.
What is an executor?
Your executor will be named in your will or he or she will be appointed by the court. This person will have the responsibility of satisfying all of your remaining financial obligations and overseeing the dispensation of your remaining estate assets to heirs. Here are some of the duties of an executor:
- Following the will's guidelines to appropriately dispense the estate assets.
- Keeping all of the property in safe order while the estate is being settled.
- Paying any bills relating to the estate.
- Paying any taxes relating to the estate.
- Appearing in court on behalf of the estate.
- Appropriately using money from the estate in order to pay for the above duties.
- Hiring a lawyer if necessary on behalf of the estate to carry out important duties.
Who are the best choices for an executor?
Spouses, children and siblings are usually excellent choices for executors. However, not all of your spouses, children and siblings will have the skills, maturity level or overall life experience required to administer your estate appropriately. Therefore, you will want to be honest with yourself about who is truly responsible enough to take on this kind of responsibility, then have a discussion with this person to ensure that they are up for the task.
If no one is available to administer your estate, an estate administration lawyer who you trust to serve as your executor when you're gone may be able to help.