When it comes to your estate plan, you have to choose an executor of an estate. Your executor is the person who will have the legal responsibility to pay your debts and taxes. The executor also distributes your estate to your beneficiaries.
To choose an appropriate executor, you need to ask yourself a few questions about what your choice can handle. U.S. News explains that an executor needs to be strategic. Before you make a choice, ask yourself the following questions.
Do they have the time?
When choosing an executor, most people consider those they trust the most first. Who you trust the most may not necessarily have the time. The executor reviews the will and distributes the assets and estate. This is a long, difficult process and if you choose someone who has a busy job or children to care for, it could be too time-consuming. While you can have your affairs in order and documents organized to make it easier, the executor still needs to have time to fulfill his or her duties.
Can they handle the responsibility?
Your executor needs to know where you keep all your important documents. Leave behind the location for your social security number, benefits statements, marriage certificates, birth certificate, insurance information and any other statements about debts or mortgages. Your executor should have the skills necessary to navigate your finances. He or she may need to liquidate your assets to pay debts.
The executor has a stressful role, so when you choose someone to appoint it should be someone who has the skills and patience necessary.
