Scenario
Burt was at home when his friend, Ken, called him to his home. Since being diagnosed with cancer, Ken hasn’t been the same, and Burt expected bad news. However, he was surprised when Burt gave him a copy of the will, and told him that he would be his executor when he passes away.
So, you have been trusted by your relative to be an executor to their estate when they pass away – this is a great honor that you have been given.
However, we have seen many people make mistakes as executors, the reason why we need to look at the different ways you can be the perfect person for this role.
Who is an Executor?
Also called a personal representative, this is the person that you name in your will to handle the stipulations made in the will. The executor is required to make sure your desires and wishes are fulfilled according to the will.
The aim is for him to oversee the distribution of the estate and to make sure every beneficiary named in the will receives his inheritance.
When Does Your Role Go Into Effect?
Your role as an executor starts the moment the person that named you as an executor passes away. Well, this might not be for some time, but there are a few things that you can do to prepare for the role even before the person passes away.
Here are a few things that you can do to get ready:- Know the location of the will. The testator needs to tell you where the will is located so that you don’t have to start asking the beneficiaries questions when he passes away.
- If the estate plan was written with the assistance of an estate planning lawyer, you need to know the name, location, address, and other contact information for this lawyer.
- Other professional advisors are required to work with you. These include accountants, attorneys, and financial planners.
- Does the person that gave you the role have any other desires that aren’t spelled out in the will?
You need to look at these concerns the moment you realize you have been named as an executor of the will,
So, how can you be the best executor for someone’s will?
Know the Validity of the Estate Plan
Before you execute your role, you need to confirm that you have the original copy of the estate plan. With the help of an estate planning lawyer, you need to determine if indeed the documents you have in your possession are valid.
For instance, if you have a copy of the will, it needs to be signed by the testator in front of two witnesses at the same time.
Treat it as a Part-Time Job
Working as an executor requires that you dedicate enough time to the task for you to succeed. You, therefore, need to review your schedule and come up with a plan that will give you time to handle the various tasks that you have been given.
For you to come up with a schedule, you need to find out the right time when the estate plan comes into effect and when you are required. Many people fail at this task because their routine work clashes with the tasks given to them by the testator.
Work with a Professional
The tasks that you have been given are bound by law, which means that if you do anything wrong, you will end up facing the consequences. This is why you need to work with a qualified estate planning attorney to help you navigate the murky waters of executing the estate.
The lawyer will guide you on what to do and will give you the information you need to make things work correctly.
Communicate with the Family
You need to be in constant communication with the immediate family to tell them what is going on and to also find out anything that is happening.
You don’t have to communicate with all beneficiaries; instead, you can identify one person and make them the primary contact.
Be Organized
If you aren’t well organized, then the task of being an executor can be overwhelming for you. As an executor, you need to know how to keep records, balance books, and maintain records about the estate. You also need to be sure that the deadlines are met as expected. Don’t let tasks pile up to the extent that you are confused about what to do and what not to do.
In Closing
An estate owner usually chooses someone to handle his wishes when he passes away. Well, if you have been selected, then you need to take the time to prepare for this role. The better prepared you are, the easier it will be for you to make the right decisions.
