When a Nashville resident creates an estate plan, he or she will need to include a person or people to serve in certain roles. For instance, a will needs an executor to handle the tasks needed in order to close the estate and distribute its assets. Any individual chosen to fulfill this role may want to sit down with the person appointing him or her and discuss having access to as much information as possible, which will definitely make the probate and estate administration process easier when the time comes.
Most people these days have some sort of online presence. If an executor does not know where the deceased digital assets are and how to access them, it could complicate the probate process. Does the decedent have social media accounts, online investment accounts and other digital assets that will require attention? Knowing where the information for these assets is along with usernames and passwords would greatly simplify this particular task.
The same could be said for any physical assets. If the individual creating the estate plan puts together and regularly updates a list of assets and how they will be distributed, it could take a substantial amount of the guess work out of things for the executor. This list can be kept in a place only known to the person making it and the executor if desired.
These are just two of the things that a Nashville resident can do to help make an executor’s job easier. It would be beneficial for anyone willing to fulfill this role to sit down and learn as much as possible about the estate plan, the assets involved and the location of information on them. It may help both the estate plan’s creator and the future executor to sit down with an attorney to better understand the duties an executor must take on in order to better prepare for the process.