Getting hold of the perfect executor for your estate before probate is one of the most integral parts of the estate planning procedure. And yes, it is not a very easy thing to do. After all, you must find someone who is not just responsible but someone you can depend on when it comes to fulfilling your final wishes.
It is also important to find someone who has the willingness to serve as the executor of your will and the ability to take up the task of asset distribution among the beneficiaries after your death. So, what are the steps you need to take in finding the right estate executor before probate?
Coming up with an estate plan is vital and beneficial as well. That’s because it offers long-term and complete peace of mind. But it does not matter whether your estate plan is thorough or not.
What matters is selecting the perfect executor for carrying out the final wishes determined in a will. It can be a little difficult to find an individual who has the ability to handle potentially volatile family relations and one who can file all the associated papers on time.
Some recommendations that can help you in making this weighty decision are as follows:
Know the Right Definition of an Executor
Know that the executor is the individual you will appoint in your will to manage all the assets; handle probate proceedings; collect assets; distribute assets according to the bill’s provisions, and even pay the outstanding debts.
In essence, this individual is your personal representative after your death. He or she is the manager, overseer, distributor, and even the potential peacemaker when executing the estate plan.
Know the Qualities You Need to Look Out For
Friends and family members who have successfully demonstrated that they are conscientious, trustworthy, good, and honest with people are probably the best choices to serve as executor.
Executors even have the option of hiring the services of lawyers or accountants if the need might be. This requires maturity. The majority of the states help in this procedure by limiting the services as an estate executor to people above 19 years of age and the ones without any felony convictions.
It is also easy to get hold of the professional executors who provide their services and get a certain fee in return. It is also important for you to consider the location of the executor. That is important because the executor might have to spend several hours in the court working on the deceased’s will and other formalities.
If, by any chance, you feel that it would be better for you to choose an out-of-state executor, make sure to go through the requirements of the state where you are living before taking this crucial step.
Choose a Responsible Person for Probate
One of the most important qualities that an executor should possess is responsibility. You don’t need to go for an accountant, financial planner, or attorney to be designated as the estate executor.
Simply work on finding a person responsible enough to help you out and address the estate matters effectively and quickly. The executor you choose should also have the ability to communicate with the beneficiaries properly and make hard decisions as and when required.
Suppose you do not consider the close friends and family members responsible enough. You have the option of naming a trusted company, bank, accountant, or lawyer as the executor. Nevertheless, these will be professional executors who will charge a fee for the services they offer.
Always Appoint Executors in Good Financial Condition
The person you choose as the executor of your estate should be in perfect financial standing. He or she should not have a poor financial status. Individuals with several liens and creditors against them or the ones without any credit history are not the perfect candidates.
Also, the people who have declared bankruptcy might not be the right executor for you. That is because they cannot get bonded very often.
Probate – Conclusion
When you are choosing family members or friends as executors, ponder on the point that whether the person will be able to do justice to the position or not. While it is always a good idea to appoint a friend or a family member as the executor, there are even several risks associated with it.
That is why you must make sure that the person you choose is willing to do the job. Think carefully prior to choosing your partner as the only estate executor.