As you choose someone to be the executor of your estate, you probably are thinking of the various qualities your pick should have. People want their executors to be loyal, ready to carry out their wishes, and also capable of handling the tasks of the position. In addition, you should also consider whether your executor will have time for the job.
Possessing enough time to administer your estate is crucial especially if you have a complex estate. US News and World Report details the kinds of tasks your executor might have to handle.
The duties of your executor
Your executor will likely spend much time just reviewing your will. From there, your executor will have to gather your assets, contact your heirs, file legal paperwork, and eventually distribute the estate assets. This does not count the maintenance of your estate property. For example, if you die without a spouse to keep living in your home, your executor may have to clean your house and remove trash and debris from it.
Additionally, your executor must see that your property is safe from natural or man-caused disasters until your heirs are ready to receive it. Your executor may have to move assets to secure locations or set up security measures to protect your property.
Executor duties often involve a lot of documents, so your executor should have enough time on hand to gather and review them. In addition to legal documents, your executor should gather your personal documents like your birth certificate, marriage certificate and your tax returns. And if you have a number of retirement accounts and loans, your executor will need the documents for those as well.
Dealing with creditors
Also keep in mind that your debts do not die with you. Your executor has the responsibility of notifying creditors that you have died to give them a chance to levy claims for outstanding bills. If those claims are valid, your executor must pay them off from the estate assets and may even have to arrange a fire sale to meet the claims.
If your executor feels pressed for time, it could lead to emotional stress and mistakes in carrying out your estate wishes. Whoever takes charge of your estate should have sufficient time to handle any task required for closing your estate. If your executor candidate has work and family obligations, you may want to look for someone else.