Performing the expected duties of an executor can be demanding. Thus, it’s important to know how to make things easier for them, reducing the chances of errors or them feeling overwhelmed by the role.
So, how can you make your executor’s job more manageable?
1. Keep your documents organized
Ensure you organize all the documents your executor needs when the time comes to assume their duties. These include personal information, financial records, estate planning documents, passwords and contact information of crucial parties.
You can store these documents in your home safe or a safe deposit box, or keep them with your attorney or the clerk of the court in the county where you reside. Your executor should know the location of the documents and have access to them.
2. Update your will
If any of your life circumstances change, affecting the provisions of your will, you need to make the necessary updates. For example, when you get a new child or grandchild, purchase or sell an asset, divorce or have a beneficiary die. You should also update your will when laws change. Doing this ensures your executor accesses updated documents. Filing an outdated will in court can complicate things for them.
3. Leave cash
Your executor will have immediate expenses to cover, such as medical expenses, funeral costs, probate fees, travel expenses, valuation fees and so on. Thus, consider leaving accessible cash for them.
4.Introduce them to your team
Connecting your executor with the professionals in your team is beneficial, as working closely with them can help them make informed decisions. Therefore, introduce them to your financial advisor, attorney and tax expert.
Although administrating an estate can be complicated, you can make the process easier for your executor. Obtain more information on how you can help them and other vital parties in your estate plan.