Having a California will ensures the distribution of your assets, such as bank accounts, property and treasured belongings, to loved ones. A comprehensive estate plan also minimizes your family’s tax burden and can avoid complications with probate. We often help clients draft a plan that provides for their loved ones after they pass away.
Kiplinger reports that once your estate plan is in place, choosing the right executor is paramount. An executor is a person that steps in and takes over for you after you are gone. Duties include settling debts, selling property distributing assets according to your wishes.
Appoint a knowledgeable executor
Being an executor is an important job. Take some time to consider your choice before appointing them as your representative. Although it is not necessary for them to have training as accountants or attorneys, they must be responsible.
This person will communicate with your accountants, attorneys and heirs, making decisions as questions and concerns arise. Executors get paid a commission for completing their duties, so expect the person to handle it as he or she would any job.
Consider these factors
Another point to consider is their availability. You may trust your best friend from college implicitly but selecting them as your executor may not be practical if they live across the country. The duties of an executor are often time-consuming, with complex issues. If your representative has a complicated family life, serious medical issues or a stressful job, they may not be the best choice.
An effective estate plan evolves. Updating your will, trusts and powers of attorney can ensure that you have a solid plan in place in the event you become incapacitated or pass away unexpectedly. This can make your executor’s job easier and the distribution process smoother.