2 things to know regarding your executor
When estate planning, you need to choose an executor to manage your estate before distribution. They are required to follow all the instructions in your will, manage your properties, pay debts, file tax returns, communicate with beneficiaries and interested parties and distribute your assets according to your will.
You need to be informed about certain aspects related to your executor to protect your estate. Here are two things to know:
1. Consider getting permission before nominating them
It’s vital to get permission from your chosen party to nominate them as your executor. You don’t want to pick someone unwilling to serve, as they may refuse to accept the appointment when the time comes. Consequently, the court will appoint someone else who may not possess the qualities you wanted in an executor.
2. Give them access to your estate planning documents
It’s crucial to store your estate planning documents in a safe place. You can place them in a locked filing cabinet, a safe deposit box or a fireproof safe. You can also keep them in your attorney’s office or with a trusted family member.
After storing your documents, ensure that your executor can access them. If you use a filing cabinet or safe, your executor should have the key or code. If you store your documents in a safe deposit box, add your executor as a joint owner or deputy of the box. Lastly, your executor should have the contacts of the attorney or family member who has your estate planning documents.
Further, your executor should be able to access any important information you have on your computer. Thus, leave them with passwords and login details for your accounts or files.
It’s crucial to be adequately informed about matters related to your executor. Consider legal guidance to protect your wishes considerably.