As you create your estate plan, one thing you’ll have to decide on is who you want to have as the administrator of your estate. Choosing an administrator, also called the executor, is one of the most important decisions you’ll make.
To make this decision, there are a few things you should think about. Here’s more about what you should expect in an executor.
1. Executors should be prompt and honest
Executors have a few tasks that they have to complete including:
- Taking an inventory of the estate
- Using the estate’s funds to pay off bills and debts
- Preparing and filing final income tax forms
- Notifying creditors of your death
- Filing court paperwork to begin probate
- Distributing assets to beneficiaries
These are very important tasks, so you want to choose someone who is honest and who won’t delay the process.
2. Executors need to have your best interests at heart
Though you’ve passed away, you’ll still want an executor who is thinking of your best interests and who is willing to carry out your wishes. Choose someone you feel comfortable with and who will honor your wishes.
3. Executors should live nearby or be willing to travel
Handling someone’s estate can take time, so you want to have an executor who lives nearby when possible. If you can’t, then make sure the person you choose is willing to travel in the case of your death.
These are three things that all good executors have in common. Choose carefully, because this person will carry out your last wishes and handle your estate.