Perhaps you are moving right along in life and you get the niggling feeling that you are leaving something undone. Could it be that you still need to prepare your will?
If you are beginning to worry about the task of naming an executor, here are some tips that may help.
Qualities to look for
A good rule of thumb is to choose someone who will be around to act as the chief administrator of your estate. In other words, do not select your older brother, even if he is an exceptionally good businessman, as he may pass away before you. Many people choose their spouses, but sometimes spouses are not willing to take on the job. Along with selecting someone who is younger than you are, choose someone who not only has a head for calm, cool decision-making but who also possesses common sense, which is often just as important.
Your executor will be responsible for ensuring the protection of your assets. This may be a complex job depending on the size of your estate. He or she will also pay your debts; file your final tax return; deal with beneficiaries, their questions and concerns; and, in general, act in your place until the probate process ends and the distribution of assets commences. The person you choose as executor should be open to asking for help from accounting and legal professionals and other experts in order to avoid any mistakes. Remember that if the executor misses any legal steps, he or she may be personally liable.
Putting the process in motion
An estate planning attorney will tell you that it is essential that an executor properly protects and distributes your assets according to your wishes after you pass away. You want this process managed flawlessly, and it begins with your choice of the perfect executor. Having done that, you will find that peace of mind is a wonderful thing.