Executors play a crucial role in estate planning, as they ensure your wishes are fulfilled. However, they are responsible for several duties that can be complicated. But you can make your executor’s work easier using a few strategies.
This guide discusses how to do so. Here are some tips:
1. Update your will
An executor submitting an outdated will to probate can make their work more difficult. They may have to go through several legal processes to protect assets or beneficiaries not included in your plan. Thus, you should update your will when you experience a major life change. These include the purchase/sale of an asset, an increase/a decrease in an asset’s value, the birth/adoption of a child or grandchild, a marriage/divorce or the death of an interested party.
2. Introduce them to professionals
Most duties of an executor require skill and experience. Therefore, consider introducing your executor to the professionals you work with in your estate planning. They will provide them with the needed knowledge to manage your estate competently.
3. Leave documents in an accessible place
You don’t need to put crucial documents in the open, but they should be in a place where an executor can easily find them when you become incapacitated or die. Examples of such documents are your birth certificate, bank statements, real estate titles, social security records, marriage certificate, trust documents and the will.
4. Have a plan for all your assets
It can be challenging for an executor to determine what to do with assets you didn’t distribute among beneficiaries. But you can make this easier by giving clear instructions. For example, should a painting go to a museum or a charity organization?
These tips can make the work of your executor more manageable. You should also encourage them to get professional guidance when performing all their duties.