Who should be the executor of your estate?
One of the purposes of having an estate plan is ensuring that you have control over what happens to your property and assets in the future. As the owner of a Florida estate, you have the right to have the final say over certain matters. One of the most important decisions you will make is the designation of the executor. This is the person who will oversee the distribution of your assets and ensure the effective and efficient handling of the remaining matters associated with your estate.
As you can imagine, the designation of the executor is important. This person will play a critical role in the execution of the plans you have painstakingly created, and it is important to give careful thought to this designation. Before you simply name a person to act on your behalf after you have passed away, there are certain factors you may need to first consider.
An important responsibility
Not everyone can be an effective executor. Even if the person you have in mind is someone you can trust, that does not necessarily mean that he or she should be in this role. The executor bears an immense responsibility, and he or she will have to stay in this role until the process is complete. This could be a period of months, or even years. Some important factors to consider regarding your choice for executor include the following:
- Not everyone wants to be an executor, and not everyone will be capable of bearing this burden.
- The executor will file the will, open the estate, give notice to creditors, and pay remaining debts and taxes associated with your estate.
- The executor will need to be able to balance this responsibility with other requirements of his or her personal life.
- The probate process and other aspects of settling an estate can take an average of 16 months to complete.
- It is possible to have two executors, but they need to be able to work together effectively.
As you consider who should act as the executor of your estate, it may be helpful for you to speak with a knowledgeable professional who understands the requirements of this role. This may help you make a decision that gives you confidence for the future. It may also help you consider other legal steps you should take in your effort to create a complete estate plan.