Main Factors to Consider
Estate planning can be a complicated issue for many, but preparing for the future is always a good idea. When it comes to successful estate planning, one of the primary choices one has to make is to decide who will be your executor. An executor, sometimes referred to as a personal representative, is in charge of managing and settling your estate after the event of your death. The person chosen as the executor is responsible for carrying out your wishes with your instructions and guidelines. For more information on estate planning and its duties, The University of Florida has an educational article explaining the basics of estate planning.
If you are still determining who you should choose as your executor, seeking legal advice from an attorney will help you make an informed decision. Choosing the right executor can give you and your loved ones peace of mind. At King Law Office, free consultations are offered for those seeking help with their estate planning needs. Call King Law Office today at 520-221-2640 to schedule a consultation.
Qualities of Executor
When choosing an executor, consider a few key factors. First, every executor must be at least 18 years of age and sound of mind. Apart from that, your executor could legally be anyone. However, your executor should be someone you trust fully with personal and financial matters. Whoever you choose will be tasked with managing valuable assets, which could be worth large amounts of money or significant personal value. It is recommended that you choose someone who has always been honest and reliable with serious matters.
An executor should also be free from conflicts of interest and able to act impartially. However, being trusted to carry out your wishes in your best interest is one of many qualities one should look for. Your executor should also be organized since being an executor could involve juggling many tasks simultaneously. Typical tasks in an estate plan include paying debts or taxes, distributing property to others in the estate plan, and handling administrative duties.
Although not necessary, having basic financial knowledge is beneficial for an executor. They will likely manage funds or investments, and familiarity with financial affairs minimizes the risk of error. Risk can be further mitigated if the executor is already familiar with your estate plan and property. Familiarity with your assets and debts will allow them to complete their responsibilities as executor more efficiently.
Another factor to consider is availability and geographical location. Modern technology lets us be close to people who are far away, but choosing someone as an executor who is a significant distance away could cause complications. If your executor would have to travel long to settle local matters, they will need more time to complete their tasks. Additionally, having the role of executor can be a time-consuming task. It is best to ensure that the executor you choose has the time and commitment to complete their duties fully. An executor being close to you isn’t required, but it is something to consider before choosing one.
A good executor is also good at communication and can handle conflict between parties if it arises. Beneficiaries can disagree on various matters, and the executor ideally will solve these issues diplomatically. This potential obstacle could be mitigated if the executor is someone with whom the whole family has a healthy relationship. This way, they can communicate impartially and effectively with beneficiaries.
Backup Executors
Choosing an executor is crucial for your estate plan, but having an alternative is also essential. One can never predict unforeseen circumstances, and having a backup executor ensures that someone will step in if the primary executor cannot. If your primary executor becomes sick or cannot travel a backup executor can ensure the estate plan is handled appropriately in their absence. It is not uncommon to have backup executors, and you should consider all of the previously mentioned factors when choosing them. Additionally, some people choose to assign a professional executor. A professional executor has the same duties as an ordinary executor, only that they are not a friend or a loved one of the person’s estate plan. Instead, they are attorneys or financial institutions who take responsibility and provide an impartial perspective. A professional executor will charge a fee but lessen the burden on your loved ones in a stressful time.
How Should I Move Forward?
Choosing an executor can be a challenging and overwhelming decision for many. Finding someone who can successfully and reliably carry out your wishes in the future is difficult. Many people who have estate plans consider seeking professional help from an attorney. No matter who you decide to be your executor, having an attorney help you is invaluable. Not only could a lawyer help you inform your decision of who to make executor, but they can offer additional insight into many aspects of estate planning.
Additionally, estate plans should be regularly updated to ensure everything is in order. An attorney would help you keep your estate plan updated as needed. At King Law Office, we want to help you carefully prepare your estate plan so that your legacy is safe with your best wishes in mind. Be sure to prepare; call today at 520-221-2640 or take a look at our website to schedule a consultation.