Having an estate plan can give you control of your assets and protect the people who matter most to you. Seeing that your plan unfolds as you envision will require the help of an executor.
Finding someone to fill this role may feel overwhelming when considering the weight of responsibility. However, knowing some key characteristics can narrow your focus to those you can trust.
One of the top priorities of an executor will involve handling your financial affairs. This may include responsibilities such as the following:
- Paying any remaining debts
- Distributing inheritances
- Collecting profits from the sale of assets
- Closing bank accounts
- Finalizing any outstanding taxes or estate fees
One wrong move could upend your estate and cause your surviving family members a lot of distress. Missteps, negligence and even procrastination can all have serious repercussions. Identifying people in your circle who have proven their ability to handle financial affairs may give you an idea of who to ask.
Closing an estate involves a lot of moving parts. According to CNBC, it could take an executor nearly two years to finalize. During this process, the person you choose will need to acquire your death certificate, handle financial affairs, communicate with grieving loved ones and collaborate with legal professionals. Each of these responsibilities requires attention to detail and organization.
You can assist your executor when you carefully organize your estate plan and keep it updated throughout your life. With clear instructions to follow, your executor can mitigate the risks of oversight.
An executor plays a critical role in your strategy. Finding someone with the right qualities can give you peace of mind and reassurance that your legacy will receive the attention it deserves.