Faqs Of Choosing An Executor For Your Estate
One of the biggest decisions you must make when creating a will is determining who you want to serve as the executor of your estate. The executor is responsible for a number of tasks, including paying final bills and distributing your assets to your heirs. If you are in the process of selecting an executor, here is what you should know.
Can You Name More Than One Person?
Co-executors are not unheard of, but whether or not it is the right move is debatable. There are several advantages to naming more than one person, including having more than one person available to handle the many tasks an executor has. You should also consider co-executors if your spouse is going to serve as one of them and he or she is unable to go through the probate process alone.
However, having co-executors can complicate matters. When you select co-executors, they have to work together, or act in unison, when completing estate matters. For instance, both executors have to sign all financial documents and unanimously make decisions about the estate.
If you want to use co-executors to avoid conflict, such as between your children, it might be wiser to select one person as the executor and list the remaining people as alternates. The alternates can step in to take over if the primary is unable to perform his or her duties.
What Can You Do to Help Your Executor?
Regardless of whether or not you opt for co-executors, there are things you can do to help make wrapping up your estate easier for whoever has the job. For instance, you can take time to update your will whenever there are any major life events, such as the birth of a new child. Other ways to help your executor include:
- Ensure your executor knows your financial advisers. Your executor might need to confer with them if there are questions about your estate.
- Leave cash available. Some bills will need to be paid immediately following your death, such as the funeral expenses, and your executor needs the funds to do it.
- Ensure important documents are easily located. Documents, such as your insurance policy, need to be where your executor can easily locate them.
You also need to ensure that you remember to provide compensation in your estate planning for the executor. For more information, contact Patricia L Riddick PLLC Atty or a similar legal professional.