There are several components to an estate plan that you need to think about as you’re getting yours together. Obviously, the primary concern is setting things up so your loved ones can just follow the plan.
You need to name someone who will take care of the estate after you pass away. This person should be named as the executor of the estate. There are certain qualities you need to look for when you’re trying to determine who to name for this duty. Here are three:
Responsible with finances
You need someone who is responsible when it comes to financial matters. One of the duties of the executor is paying bills for the estate. The person needs to be able to determine what needs to be paid and how to get it done.
Able to think objectively
The executor needs to be able to think objectively. Their job duties don’t include deciding how to distribute your estate. They must follow the estate plan, even if they don’t agree with it. Their decision-making powers are limited.
Willing to do the duties
It’s a good idea to talk to the person you’re naming as the executor to be sure they’re willing to do the job duties. They’ll have to file the estate plan with the probate court, find assets and heirs, file the final taxes for the estate, handle creditor claims against the estate, and perform other duties.
Putting together a comprehensive estate plan is critical for all adults. This takes some thought and must be executed properly. Be sure you have someone on your side who understands the ins and outs of estate planning so your loved ones will be cared for as you intend after your death.