Creating an estate plan is a vital first step to long-term peace of mind. (See our previous post on estate planning here.) However, no matter how thorough your estate plan is, choosing the right person to carry out your final wishes is one of the most critical aspects. It can be challenging to pick an organised executor to file paperwork on time who is also diplomatic enough to handle potentially volatile family relationships.
An executor is the person appointed in the Last Will and Testament to manage the deceased estate, deal with the court, pay any outstanding debts, collect assets, and distribute the estate’s assets according to the provisions of the Will. This person essentially becomes a personal representative of the deceased. The executor is the administrator, distributor, and potentially peacemaker in the execution of your estate plan.
Family members and friends who have demonstrated that they are conscientious, honest, trustworthy, and good with people are the best candidates. The position also requires maturity. You may also want to consider where your executor lives as an executor may need to spend a significant amount of time working with the courts in the area where the deceased lived. Outside professional executors are easy to find, but remember that they work for a fee.
McCarthy & Associates can assist you with your estate planning. If you have any questions about Wills, executors or related issues, contact McCarthy & Associates Attorneys on (033) 266 6170 or via email