Choosing the person who will manage your estate after your death is almost as important as ensuring you have an estate plan in place. This person is going to have a lot of control over what happens with your assets and how well your estate makes it through the probate process.
You need to ensure that whoever you choose is capable of handling all of the duties he or she will have. This decision requires knowing what those duties will be.
Handling potential issues
If there are problems with your estate plan or issues that your heirs have with the plan, the executor will need to be capable of handling these things. He or she may have to serve as a mediator or offer explanations on your behalf. It is essential, because of this, that the executor is familiar with your estate plan and your wishes.
Paying taxes and debt
Once you die, you do not get off the hook for the money you owe. Your estate must pay any remaining taxes and debts. The executor will take care of this.
Managing the assets
Your executor is responsible for maintaining and managing the assets in your estate until they transfer to heirs. In some cases, the handover will not happen until probate is complete and that process can be lengthy sometimes. It is very important the executor understands how to properly manage your assets so that your heirs do not lose out on their inheritance.
The executor has an important role. You will put a lot of trust in this person, so make the choice wisely.