As you get older, one thing you’ll want to do is to set up an estate plan. Your estate plan should be designed to take care of you, your loved ones and to provide protection to your assets.
One part of setting up an estate plan is being willing to establish an executor of the estate. The executor is the person who will:
- Collect and inventory your assets after your death
- Initial the probate of your will following your death
- Pay claims against the estate
- Collect any debts that are owed to the estate
- Distribute assets as intended in the will
- Close the estate
When you pass away, the executor’s job is to initiate probate so that the estate can be managed and eventually distributed to your beneficiaries and heirs.
Choosing your executor is one of the most important decisions you will make. You will want to find someone who you can rely on to take care of your wishes and to close out your estate correctly. These responsibilities can be daunting to some people, so it’s wise to talk to the person you’d like to have as your executor about your plans and make sure that they’re comfortable taking on the role.
They will be responsible for accounting for all of your assets and liabilities as well as distributing your assets fairly in accordance with your wishes. This is a tough job, so find someone who you trust to be honest and thorough so that they will do the job correctly and help your family move forward once you have passed away. Your attorney can help you speak with them about the role and what it entails.