When drafting a will, you can name an executor of the estate. An executor is responsible for managing your assets after you pass away. Your executor can be anyone 18 years of age. This means that your spouse, sibling or child can serve as your executor. However, that does not mean they are prepared to take on such a large task. But, you can help them out.
You can talk to your executor and prepare them for their role. There are a few things about their role and your estate you may want to focus on. Here is what you should know:
Breakdown their responsibilities
It is important for your executor to understand what responsibilities they may be obligated to complete after you pass away. These duties can include the following:
- Gathering death certificates: Your executor may need to have several copies of your death certificate to submit to interested parties, such as your bank or insurance companies.
- Locating the will: Your will is one of the most important documents that your executor needs to locate to perform their duties and start the probate process.
- Locating assets and beneficiaries: Your executor may need to distribute assets to beneficiaries.
- Pay taxes and debts: Your executor may need to settle some financial obligations with the money in your estate.
If your executor does not know what they are meant to do with your estate, then your last wishes may not be fulfilled. Informing your executor of their duties can help protect your legacy.
Inform them of your assets and important documents
Another way to prepare your executor for their role is by informing them of certain assets and documents they may need to acquire for a smooth execution of your estate. For example, you may need to tell your executor the location of your will, life insurance policy and any other document paramount to your estate. You may also want to discuss what high-value assets, such as real estate or art, you have in your estate so they can smoothly transfer them to beneficiaries.
Discuss the potential issues that can arise during probate
Issues can arise at any time during the probate process. Your executor may need to be prepared. For example, you may have a family member that you disinherited. Your executor may need to know that that family member should not receive any assets.
Getting legal guidance can help ensure your executor settles your estate without facing any issues.