Picking an executor/executrix or also known as an estate trustee or liquidator for your will is a critical decision that can have lasting impacts on your family, estate, and beneficiaries. This can be a daunting task at first but let’s start with the basics. What is an executor and what do they do? An executor is the person responsible for managing and distributing your assets after you pass, so it is important to choose someone who you trust and who is capable of handling the task. Think about someone you know will succeed with this job when the time comes. Once you have this person in mind, it is important to ask them if they are willing to accept the role of executor first. They are able to turn down this job so it is best to get confirmation on this before making it legal. It is also vital to also ensure that your will is completed and filed somewhere your executor will have access.
Our team of experts at MedTax has put together a list of what you need to know when picking an executor for your will. If you still have questions, contact us after you’ve had a chance to read through the tips below.
- First of all, consider their skills and expertise. An executor should have financial knowledge, organizational skills, and be able to handle complex tasks such as paying debts and taxes and managing your estate. Consider choosing someone who has experience with finance and administration, or has had experience managing their own properties.
- Consider their location next. Your executor should live close by or be willing to travel to where your assets are located for assessments and meetings etc when required to do so. If your estate is spread across multiple locations, consider choosing someone who is willing to travel or who lives in a convenient location.
- Think about their schedule and availability. The executor of your will is responsible for managing your estate, which can take several months or even years to complete. Make sure to choose someone who has the time and availability to handle this task, and who won’t become overwhelmed by the responsibilities involved.
- Consider their personal relationship with you and your beneficiaries. Your executor should be someone you trust and have a good relationship with not just with you but also with your beneficiaries. Avoid choosing someone who may have conflicts of interest with your beneficiaries, or who may become emotionally involved in the process, which could delay the distribution of your assets.
- Consider naming alternate executors. If your first choice for an executor becomes unavailable, it’s important to have a backup plan. Consider naming alternate executors in your will, in case your first choice is unable to serve when needed. This avoids delay and any confusion that may arise.
- Consult a professional. If you have a complex estate or are unsure of who to choose as your executor, consider consulting with a financial advisor, attorney, or estate planning professional. Here at MedTax, we can help medical professionals, like you, with these decisions. Our team of experts can help you navigate the process and ensure that your estate is managed in a way that is in line with your wishes.
Picking an executor for your will is a critical decision that requires careful consideration. Make sure to choose someone who is capable, trustworthy, and available to manage your estate. An executor can hire assistance if required to help with tasks, so you must take this into consideration when choosing. If you have any questions or need assistance with the process, book your free consultation with MedTax today.
