After your death, many steps will still need attending to, and most of those go far beyond ensuring that your funeral takes place in the manner you deemed appropriate. Rather, your estate will need closing in the proper manner, and because you will not be around to ensure that takes place, you may want to utilize your estate plan to instruct how certain duties should be handled and who should handle them.
The person in charge of closing your estate is your personal representative. If you create a will, this individual will take on the role of executor, and you can indicate who you want to act in that position. Of course, because the person in this position has much power and responsibility, you will certainly want to choose carefully.
What should you consider?
When working to pick an executor, you may want to take many factors into consideration. Rather than feeling as if you must appoint your closest living relative or another obligatory party, you can take the time to determine who you truly feel will best suit the role. When considering your candidates you may want to keep the following actions in mind:
- Choosing someone with a sense of responsibility
- Naming a younger individual to take on the role in the event that the primary executor cannot act
- Considering the possibility of naming co-executors if conflict could arise about your decision
- Choosing someone who has good financial standing in his or her own right
- Appointing someone who is not afraid to seek professional assistance when needed
- Naming a party who feels comfortable handling conflicts that may arise
Probate and closing an estate overall are very involved processes. Therefore, naming just any person may not act in his or her best interests or the best interests of your remaining estate. Even if you have someone in mind who you believe to be the best choice, you should discuss the idea of taking on the role with that person to see whether he or she feels willing to do so.
How can you make your decision binding?
As mentioned, you can name your executor in your will when creating your estate plan. However, you will need to ensure that you have created your will and other documents in your plan correctly so that the court considers them legally binding. During this process, it may help you to obtain professional legal assistance.