One significant aspect of your estate plan will involve putting others in positions to take on certain obligations if you fall ill or after you pass away. These roles can be stressful and demanding, but they are crucial. As such, it can be prudent to make your appointments wisely.
So, who should you choose to be the executor of your estate?
Someone you trust
Making sure your executor is someone you trust can give you and your loved ones peace of mind that the person is making the right decisions. Depending on who is currently in your life, this person could be your:
- Adult child
- Best friend
These people can be close to you and genuinely have your best interests at heart, making it easier to trust them with these responsibilities.
Someone capable of fulfilling their duties
On top of being someone you trust, the person executing your estate should also be capable of handling their duties.
These duties vary based on your estate and your wishes, but generally, your personal representative will:
- File an inventory of your property
- Determine the fair value of your property
- Manage all your real and personal property
- Continue your business operations
- Notify beneficiaries and creditors
- Invest estate funds
- Distribute assets
- Pay taxes
Estate administration can be legally complicated and logistically overwhelming, so be sure the person you appoint is capable of taking all this on. If you don’t have someone already in your life who could fulfill these duties, you might consider hiring a professional.
Someone who knows what you want
Regardless of who you choose to be your personal representative, they should understand what you want in terms of final arrangements and your legacy.
As such, it can be wise to talk to them about these matters. Give them the chance to ask questions and get clarification. Discuss with them why you made specific choices, as they will be the ones carrying them out.
Similarly, your executor should know about your financial, religious and familial values. This information can guide them through decisions they must make on your behalf when there aren’t specific instructions.
Should you have questions about who to appoint or how to ensure they carry out your wishes, you can call 814-806-2518 to discuss these matters with an attorney at The Quinn Law Firm.