When you are creating an estate plan, you need to name an executor over the estate. This is the person who will handle your affairs when you pass away. This is a position that requires a person to have financial understanding and a willingness to get the job done in the best way possible.
You might be tempted to just let your spouse or another close family member handle this task. While this is understandable, take a few minutes to think about what this means. The person might be devastated by your passing. Will they be able to handle the tasks that come with being the executor? They might not be able to do this.
One of the first things that the executor will have to do is to determine if the case needs to go through the probate process. They will also have to find any lost heirs and locate all assets that are part of the estate. Filing the final tax return and making sure that the necessary bills are paid are also necessary tasks.
It is important to note that it is possible to make mistakes in these situations. In some cases, the mistakes can be costly and time consuming. The person who you choose as the executor needs to be able to think under pressure and look at the big picture.
The naming of the executor is only one small part of your estate plan. You should make sure that you have the rest of the plan together so that you are making the job as easy as possible for the person you appoint.