What Does an Executor Need to Do?
An executor is the one responsible for ensuring that your will is carried out properly and that your estate is split up in the way that you want it to be. Even if you make the necessary preparations, there is still a good amount of work for the executor to do. They may have to:
- Pay bills
- Prepare tax returns
- Talk to banks and other financial institutions
- Sell off real estate and other property
- Notify the Social Security Administration, insurance companies, and other parties about your death
This is an important position, so you should take some time to figure out exactly who would be the best suited to the job. You should also be aware that there are legal limitations concerning who can be an executor. Maybe your 16-year-old son is quite responsible, but he cannot serve in the position since executors must be over the age of 18.
What Qualities Should I Look for in an Executor?
Since this is such an important role, you are going to want your executor to exhibit certain qualities. We suggest that you look for someone who is responsible enough to handle all of the duties outlined above. If you think that a loved one is going to struggle to handle some of those tasks, they might not be an ideal executor.
Honesty is also an important quality. An executor that is dishonest might end up treating your estate like their own piggy bank. This can be discovered by your other loved ones eventually, but it is possible for a poorly chosen executor to do plenty of damage before they are found out.
What Other Considerations Should I Make?
One final thing to keep in mind is that an executor can be challenged. We suggest doing your best to choose someone who will not be challenged by another person who will inherit something from your estate. Fighting this challenge in court can waste time and money, and the entire process can cause undue stress and hardship for your family. If you know that there is going to be some sort of drama if a particular person is picked, you may want to reconsider.
Contact Our Estate Planning Lawyers
If you have any more questions about setting up a will, choosing an executor, or addressing another part of your estate plan, we can help. Contact Herting Law, PLLC and schedule a consultation. We will do everything that we can to assist you.