Executors of an estate plan have a very important job – or rather, a series of jobs – to accomplish. To that end, it is important for you to select the right person for the job.
But what exactly do executors do, anyway? What do you need to keep in mind when picking yours?
Forbes discusses the duties of an executor. Executors often have numerous jobs that they have to carry out, and an equal amount of responsibilities.
For example, your funeral arrangements will likely get left in the hands of your executor. Of course, it is possible, and often preferred, for you to do as much preparation as possible in advance. This can include buying a plot in a graveyard, purchasing a casket, or deciding if you want a cremation.
However, it is up to the executor to manage any additional expenses or surprise additions to your funerary arrangements. This can include buying extra services or renting out venues.
On top of that, the executor will communicate with all other important members of your estate plan. This often includes financial advisors, attorneys and more. They need strong communication skills in general because they will also communicate with any debtors that you owe money, as well as your beneficiaries.
Managing your estate
When managing the estate after your death, the executor must pay back any owed debts with your estate assets. After this process of probate, they then hand out what remains to your beneficiaries in accordance with your will.
They also handle taxes, unpaid bills, and much more. Thus, it is a duty-heavy job that only certain people can actually manage successfully.