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Who will handle your estate when you die?

On Behalf of | Dec 9, 2022 | Estate planning

A large part of estate planning involves what happens when you die. Thus, you need to choose someone to take charge when this happens. The official term for them is the executor of your estate.

It’s a critical role, as doing the job poorly could result in errors that cause confusion and delays. In a worst-case scenario, it could even result in your assets ending up in the wrong hands if the executor is dishonest. A probate court will usually oversee things to make sure that does not happen but choosing the right person in the first place is simpler for all.

What should you look for in an executor?

They need to be around to do it

So, if you are 35 years old, choosing your 93-year-old grandad is probably a bad decision, regardless of how many times he has acted as executor before. Try picking someone likely to outlive you.

Living reasonably close to you is another huge advantage

It makes coordinating all the little things required much simpler. So your brother who has emigrated to Australia is not a great idea either.

Choose someone who is organized

Various groups of people will depend on this one person – for example, beneficiaries and creditors. Having someone who is efficient and organized is crucial to avoid frustration. Orderliness also reduces the chance they can’t remember where they put that important document or forget to turn up to a meeting with the legal team.

Once you find someone and they accept, get legal help to document your choice. You might even want to designate funds through your estate plan, so your chosen executor has legal guidance to carry out their role.