Estate planning is not reserved for people who have just retired from their career or applying for medicare benefits. Whether you have started a family or purchased property, experts suggest you account for your property by creating a last will and testament.
In this critical document, you can determine who you wish to have your property, as well as who will care for your children and/or pets once you pass. One of the most critical components of designing a will is determining who to appoint as the executor of the estate.
What is an estate executor?
The executor to the estate, also referred to as the estate administrator, has many responsibilities when it comes to carrying out the wishes stated in your last will and testament. The executor acts as a manager to the estate, should it enter into the probate process. His or her duties include collecting all documentation, such as the will, life insurance policies and the death certificate, submitting the will to the court, locating beneficiaries named in the will, accounting for all property in the will, protecting the property against vandalism, paying off debts owed by the estate and distributing assets to intended beneficiaries.
How to find the right person
The role of estate executor is complex and requires the assistance of a dedicated person. He or she should possess the following characteristics:
- Organized, able to keep track of vital documents
- Punctual, able to meet tight deadlines
The person chosen to act as the executor must have the time available to dedicate to a potentially strenuous probate process. Before naming a person in your will, be sure to ask them if they are up for the task.