Who Will Your Executor Be?
It can be a big and difficult job, so choose wisely.
Getting your estate planning documents in order means it’s time to choose an executor. Your executor carries out your wishes once you have passed away. Having an executor and a plan in place will make things clearer and easier during an already stressful time for your family.
It can be a big and difficult job, so choose wisely. This person will settle your accounts, collect and distribute your assets, and pay your debts. Choose someone who will be honest, impartial, and will follow through on your behalf. Bear in mind that just because someone has been your friend since childhood and you trust them, they may not necessarily be up to the task of unraveling your life. Perhaps an adult child, your accountant, attorney, or a trust company would be a better choice, even if they have to be paid.
And what about your digital accounts? You may wish to name a separate digital executor who would delete or archive your email accounts, music files, photographs, videos, social media accounts (think Facebook, Twitter, Instagram, Flickr), your financial accounts after the assets are transferred to heirs, and any gaming or gambling accounts.
Keep in mind that some wills have to go to court to be probated and tax returns may have to be filed. The entire process of settling an estate can literally take years. You need to choose someone who will most likely outlive you, who is available and willing, and who has the time, competence and ability to do the job right.
Be sure to get approval first from the person you think would do the best job before naming them in your legal documents. Then, be sure to share your Will and A Way password with your new executor! The information saved in your account will make the way forward much clearer for your executor, whoever you choose.
Life is uncertain. Gain a little peace of mind with Will and a Way.
Information shared here is not to be taken as legal or financial advice. Suggestions and resources are presented for your consideration and may or may not apply to your personal situation. Please consult your advisers.