Choosing The Right Executor
When you get together with an estate planning attorney to draw up your will you are logically going to be focused on how to optimize your assets and transfer them to your heirs in the most effective and efficient manner possible. This is all well and good, but there is another piece to the puzzle that people sometimes overlook until it is brought to their attention. You may have a plan in place and have your assets situated perfectly, but you also have to select someone to do the legwork that makes that plan a reality when the time comes, and this person (or entity) is called the executor of the estate.
When you choose an executor you don’t necessarily want to pick the person who you feel closest to because the person who administers your estate is going to have to engage in some very important tasks that require a significant degree of business savvy. The executor will have to retain a probate lawyer who will help guide the process, which includes gathering the assets, paying any creditors that may have claims against the estate, taking care of outstanding taxes, and potentially liquidating marketable assets.
When you select someone that you know, like a family member or friend, there can be either real or perceived conflicts of interest, and this is something that you may want to take into consideration. Many people name a professional entity to act as executor, like a bank or a trust company. Some probate attorneys will act as executors, and this can be a very logical choice because they know how the process works and can negotiate any twists and turns that may develop such as will contests.
The choice of executor is an important one and it is one of the many decisions that you will have to make when you are planning your estate. Choose wisely and you can move forward with the peace of mind that comes with knowing that your estate will be competently administered.
