A thorough estate plan can significantly improve the protection of your assets throughout the course of your life. However, you will need to name someone you trust to fulfill the duty of closing your estate.
An executor will oversee many critical steps from the distribution of your assets to the closure of your bank account. Given the importance of this role, you will want to select someone you trust completely.
Timing and efficiency of closure
An estate can take a considerable amount of time to close. Your executor will need to accomplish a number of objectives including the following:
- Obtaining your death certificate
- Selling off your real estate
- Closing out taxes
- Paying remaining debts
- Distributing your assets to heirs
The person you choose will heavily influence the efficiency of closing your estate. While you will want to select someone who pays attention to details, choosing someone prompt is equally as important.
Interactions with family members
You will also want to choose someone who you feel will interact well with your family members. Think about who you can trust to show respect, empathy and patience to your surviving family members. CNBC also suggests selecting a trustworthy executor who will put your family first.
Compliance with your intent
While you are still living, it is a smart idea to converse with your executor. Share your intent and your expectations. Discuss your reason for creating an estate plan. You will want to rely on someone who will comply with your end-of-life wishes and show respect to you and your family.
Finding someone you can trust might take time. Always wait for verbal confirmation before you put someone down as your executor. The right person could be the reason your estate plan continues to work the way you want it to even after your death.