While planning for estate administration, you keep thinking about the person in charge of closing your affairs. What tips should you consider for yourself and your executor?
Kiplinger offers guidance on how estate creators and their executors may prepare for the process.
Work toward the same goal
Whomever you choose as your executor, you and the other person must operate in sync. The two of you should go over your estate so you have the chance to clarify anything that may lead to confusion or misinterpretation. Besides verbal instructions, consider including a letter of direction with your estate.
Inventory your estate
Before your executor distributes your assets, she or he must know how much of an estate you have. That means your estate must include all liabilities, assets, debts and accounts. Further, supply your executor with all passwords, PINs and similar information necessary for full access to your accounts.
Introduce your executor to your family
Besides you and your executor working together, your executor must also team up with your family. If you did not choose a relative to manage your estate, the person may need to meet your family. Then, everyone may work together to review your estate and distribution desires. Keeping everyone in the loop may help reduce intra-family fighting and chaos.
Secure your home
Set things up so your executor has the authority to change the locks on your primary home after you die. That way, family members and friends with access to your property cannot walk off with possessions intended for other people.
You must understand what the executor’s role entails. The right information helps bring reassurance and peace of mind.