The Importance of Choosing the Right Executor

When it comes to creating an estate plan, choosing the right person to implement it is key. Once you get your will or trust in place, you then need to have someone in mind to manage your estate after you pass away. This may or may not be the hardest part of the whole estate planning process.

The person you designate in your will to manage your estate is called an executor. Their job involves collecting your assets, safeguarding them, and distributing them to those named in your will. The executor also guides your estate through probate, which involves verifying the will in court.

The executor must handle important duties like notifying banks and other creditors, paying outstanding bills from your estate, and completing the probate process. On average, this may take 6 to 9 months. For more complex estates, the process may take a year or longer. Because an executor can decline the role or resign, it’s smart to name a backup or co-executor.

To be an executor in Florida, you must be at least 18 years old, mentally competent, and not have a felony conviction. You must also generally be a Florida resident, unless you are a blood-related or adopted family member of the deceased.

Choosing an Executor

Choosing someone to manage your estate is not something that should be taken lightly. It’s a huge task that requires a responsible, organized person. Here are some things to consider when making a decision:

• Time and willingness. Will this person be able and willing to handle the necessary paperwork, bills, insurance matters, hospital or medical expenses, and tracking financial accounts?
• Financial responsibility. Do they have sound financial habits? Are they good at managing money and accounts? Avoid anyone who has financial problems of their own.
• Organizational skills. How organized are they? Can they keep track of details and manage multiple tasks, deadlines, and paperwork?
• Temperament and fairness. Are they prone to anger? Can they stay calm and be fair and level-headed? Are they able to manage potential conflicts among heirs or creditors?
• Relevant experience. Do they have legal, financial, or administrative experience? If not, are they willing to work with professionals (such as attorneys and accountants) who can help?

If you don’t know anyone who you feel comfortable filling the role, you might consider a corporate fiduciary, which is a professional or company that acts as executor. They’re unbiased and experienced, but will charge a fee. Family or friends might serve without compensation, especially if they are also beneficiaries.

Seek Legal Help

The estate planning process is not easy, which is why many avoid it. It requires a lot of decision making. Who will serve as your executor? Are you confident in their abilities?

Fort Lauderdale probate litigation lawyer Edward J. Jennings, P.A and his associates have more than 40 years of combined legal experience in Florida courtrooms and are ready to help you resolve your probate matter. To schedule a consultation, call our office at 954-764-4330 or fill out the online form.

Source:

tiaa.org/public/learn/life-milestones/how-to-choose-an-executor-for-your-estate