If you are in the process of creating a will, it won’t be long before you need to answer this question: who will you choose as the executor?
Of course, if you’ve created this legal arrangement in the past, you’ve already made this decision. In some cases, even if you already have an executor in place, you may need to make a change. For example, this is necessary in the event that your original executor is no longer able to perform the duties required of him or her.
The executor of a will is staffed with many responsibilities upon your death. In short, this person is in charge of everything to do with your estate until it is finalized. This can include but is not limited to paying your final bills, managing your finances, and of course, making sure that your property is distributed in the appropriate manner.
Choosing a will executor sounds easy enough, but there is more to it than meets the eye. Not only do you need to make a careful decision, but you need to discuss your situation with the person you want to name as executor. This is essential, as you only want to select somebody who is up to the task.
As such a big decision, you don’t want to choose just anyone to be the executor of your will. Instead, you want to take your time as you compare options and move toward making an informed and confident decision.
Here are three qualities you should absolutely look for:
In short, you must be able to trust this person to handle everything associated with your estate. Taking this one step further, he or she must be able to do so in a trustworthy manner, even when there is a lot going on around them.
Your executor will have access to a variety of information, such as how much money you are leaving behind to others, and you want to be able to trust that he or she is keeping the details private.
No matter how simple or complex your estate may be, nothing changes the fact that organization is essential.
By nature, there are people who are extremely organized. There are also those who have a difficult time keeping their affairs in order.
With so many details associated with a will and estate, you must choose an executor who is detail oriented and organized. Taking this approach will allow the person to make the right decisions at the right time, all without making a mistake that could cause harm along the way.
It’s not required that your executor has deep financial knowledge, but it’s best to consider those who know a thing or two about the probate process, estate planning in generate, asset valuation, and other related details.
A person who has no knowledge of finances is one who could make a variety of mistakes after you pass on, thus holding up the process and making things more challenging on your loved ones.
One of the most important parts of creating a will is naming an executor. If you want to make the right decision, consider each and every person who could potentially fill this role. You’ll only choose one in the end, but it’s a good idea to keep your options open.
If you find yourself in need of assistance, you can contact our law firm for guidance and professional advice. At Frank & Kraft, Attorneys at Law, we have helped hundreds of people create a will.
Contact us or call today at (317) 684-1100 to discuss your situation and receive our advice. With our help, you can create a will that will accomplish your goals.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.