Choosing the right executor is one of the most important aspects of estate planning. The executor has a host of key responsibilities, including honoring your instructions, ensuring debts are paid and much more.
Understanding the duties of the executor can help you make an informed choice. Here are some important points to consider.
What does an executor do?
The executor has several key responsibilities which include:
- Filing the will for probate: This legally validates the will.
- Managing assets: The executor must take care of assets until they are distributed.
- Paying debts and taxes: The executor is responsible for settling any outstanding financial liabilities.
- Distributing assets: The executor must ensure that beneficiaries receive their inheritances according to your instructions.
- Administrative aspects: The executor must file all relevant legal and financial paperwork.
As you can see, these duties require someone who is motivated, organized and competent in financial affairs.
Who should you choose?
You have several options when it comes to choosing an executor. The best choice will depend on your circumstances and wishes. Some popular choices include:
- Family members: Adult family members can make good executors. They are often trustworthy and familiar with your personal circumstances and wishes.
- Friends: Friends may be more impartial than family members, but still have the trust and familiarity that you need.
- Professional executors: You can enlist professional executors. This can be beneficial if your estate is complex. Professional executors will have the financial competence and experience required.
Ultimately, the choice of executor comes down to you. You should carefully assess the complexity of your estate and decide accordingly. Seeking legal guidance can help make the process much easier.
