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Finances And The Future

Why should you name an executor for your estate?

| Jun 29, 2018 | Estate Planning

One of the duties you will have when you are creating an estate plan is naming the executor to your estate. This person has considerable responsibilities to handle when you pass away. With this in mind, it is imperative that you choose a person who can take care of business when it is time.

You might think that you need to name your closest relative, but this might not always be the best option. For one thing, your loved one might be too emotionally distraught to handle things right away. For another, you need to make sure that you choose someone who is familiar with the probate system or else this job can be overwhelming.

What are the duties of the executor?

The executor has a duty to determine if the estate needs to go through the probate process. Finding the decedent’s assets and heirs is another job that must be handled. He or she must handle any claims made by creditors against the estate, pay any recurring bills and file the final tax return for the person. If there are affairs that aren’t wrapped up when the person passes away, the executor should get those taken care of.

Who should be named as executor?

This isn’t an easy question to answer because you have to take the specifics of your situation into account. Because of the amount of finance-related tasks that must be done during the probate process, you might need to choose a person who has a background or at least a good understanding in this area. Discuss the designation with the person who you are naming so that he or she can be prepared to get started when you pass away.

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