Have you decided who will be responsible for tending to your affairs after you pass away? While it may be difficult to choose between adult children or other loved ones, choosing the right person to serve as your executor is a critical decision in the estate planning process.
What Is An Executor?
An executor is the person you place in charge of carrying out your final wishes and administering your estate.
When you pass away, this person will be responsible for probating your will; taking an inventory of all the assets included in your estate; paying taxes, funeral costs and other bills; notifying Social Security, creditors and other parties of your death; and distributing your assets to the beneficiaries named in your will.
Qualities of A Great executor.
As you think about who you will choose to be your executor, you want to consider who has the following qualities:
- Vigilant about meeting deadlines and filing paperwork properly
- Adept at navigating family dynamics
Tips For Naming An Executor.
In addition to finding someone who has the above qualities, we recommend the following tips as you go through this process:
- Choose someone who is in relatively good health and you expect to survive you.
- Get the person’s approval before naming him or her in your will. You want to make sure he or she feels comfortable with these responsibilities and understands what will be expected. Your executor will, however, have the authority to hire professional to assist him or her. Check-in with this person every few years to make sure they are still willing and able to serve as your executor.
- While it is not necessary, it may be wise, if possible, to choose an executor with a background in finance, accounting, law, or some other related field. Such an executor may be more comfortable with the complicated questions that will inevitably arise in the process of administering your estate.
If you help choosing your executor or to write or update an existing will, make an appointment with the attorneys at Perry, Bundy, Plyler & Long LLP. Our attorneys have over 90 years of combined experience in the practice of law in North Carolina and can help you decide who is the right person to manage your affairs. Contact us at 704-289-2519 today to get started.