If you are in the middle of the estate planning process, you are far ahead of most. In fact, according to reporting from CNBC, almost 70% of Americans do not have a basic will, let alone a comprehensive estate plan.
Part of creating a comprehensive estate plan is naming an executor to administer your estate after your death. If you have many close relatives and friends, finding the perfect person can be challenging. After you make your pick, it can be equally challenging to ask someone you love to do the job.
Expect it to be new
The vast majority of individuals never serve as executors. Therefore, you should expect your friend or relative not to have much experience with the task. By expecting it to be new to him or her, you can give a basic explanation about the expectations and requirements. If you need to know exactly what the job entails, your estate planning attorney can give you some information.
Allow him or her to say no
Even though you may think someone is the right person to be your executor, he or she may not feel comfortable in the role. Consequently, you should be sure your friend or relative knows he or she has the ability to say no without incurring your disappointment or anger.
Give him or her your financial details
If you have a comparatively simple estate, serving as your executor may not be much of a hassle. For a more complex estate, though, acting as your executor may be a significant time and energy commitment. Thus, you should give your intended executor enough information about your finances so that he or she can make an informed decision.
Ultimately, because your first choice may decline to be your executor, you may have to ask more than one individual to do the job.