Your will won’t carry itself out once you have passed away, which is why you need to choose an executor. You should know what the responsibilities of this position entail, whether you should name one or more executors, and who to choose in case the people you delegate are not interested. Read ahead for tips on choosing the executor of your estate.
Understand the Responsibilities
Choosing the executor of your estate is a significant decision, so you should know what kind of responsibilities the job entails. The executor of your estate may need to collect your assets, pay taxes on your estate, create an inventory, and generally represent your estate on your behalf. This means you should choose someone whom you know to be trustworthy, especially when it comes to finances.
You will need to have an executor of your estate to make sure your affairs are taken care of when you’re no longer around, but you don’t need to stick to just one. Some people choose to name co-executors to ensure that their estates are in capable hands. Consider choosing someone who has legal knowledge and experience along with someone who is close with your family.
If you name an executor who is not up for the task, it’s a good idea to offer other names as well. If you don’t name a contingent executor of your estate, the court may appoint an executor for you. This person might not be as close to the family as you would like, so be sure to think about your options when considering an executor.
If you need more advice on choosing the executor of your estate, you can always call the team at Financial Directions, LLC at (520) 408-7777. You can also head over to our website for help with retirement planning in Tucson today.