Choosing an executor, the person or institution you put in charge of administering your estate and carrying out your final wishes is one of the most important decisions you will make when preparing a Will.
Some of the duties required include:
- Filing court papers to start the probate process.
- Taking an inventory of everything in the estate.
- Using your estates fund to pay bills, taxes, funeral costs, etc
- Handling details like notifying banks and government agencies like Social Services.
- Preparing and filing final income tax returns.
- Distributing assets to the beneficiaries named in the Will.
Given this responsibility, the ideal candidate should be someone who is honest, dependable, well-organized, good with paperwork and vigilant about meeting deadlines.
Most people think of naming a family member, especially a spouse or child, but be sure to choose someone in good health or younger than you who will likely be around after you've gone.
Also, bear in mind that the person you choose may need help settling your estate as it can seem a daunting task.They can always call on a professional to guide them through the process with your estate picking up the costs.
Whoever you choose to serve as your executor be sure to get their approval first before naming him or her in your Will. Once you've made your choice go over your financial details with them and let him or her know where you keep all your important documents and financial information.This will make it easier on them after you're gone.