It has been widely reported that only one out of every three adults has made the effort to execute a will. Therefore, if you’re taking steps to craft a will or to update an earlier version, you’re lightyears ahead of most of your peers.
One of the key steps that you’ll need to take when crafting a will or revising a current version is confirming the name of the individual or entity that will serve as the executor of your estate. The executor you choose will handle the estate administration tasks that will ensure that your wishes are honored after you’ve passed away.
What does an executor do?
An executor manages all of the administrative duties that arise when someone dies and their affairs need to be “set in order.” Executors are often called upon to navigate the probate process, settle debts, and distribute assets.
If a will’s creator has constructed a digital estate plan, their executor will also be called upon to manage the deceased’s digital accounts. This may involve transferring assets, closing accounts, or managing their maintenance for a period of time.
Making the best decision
Estate administration requires sound judgment, focus, a dedicated work ethic and the ability to manage emotional situations with grace and determination. You’ll want to choose an executor that is both capable and that will not waiver in honoring your wishes, even if they conflict with another’s hopes and desires. This is especially true if you anticipate that your loved ones will engage in in-fighting after you’re gone.
Choosing an executor can be a daunting task. You’ll want to consider all of your options carefully before settling on your final decision. Otherwise, you may entrust the administration of your one and only estate to someone who isn’t up to the task at hand.