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3 things your executor should know

On Behalf of | May 25, 2023 | Estate Planning

Your estate plan reflects your wishes, and your executor helps them come true. In addition to this role, executors have other significant duties. Due to the sensitivity of their position, they need to be adequately informed about matters concerning your estate.

This guide highlights three things your executor should know.

1. Updates

If you update your will, perhaps add a beneficiary, include a new asset or disinherit someone, your executor should be informed. They don’t need to know the specifics of the change but should understand the existing will has been revoked and a new one is in effect. This way, they will take the valid will to probate and can quickly spot odd things.

2. Location of your documents

Your estate planning documents should be in a safe, easily accessible location. This can be a locked filing cabinet or home safe. Your executor should know where the documents are to make their work more manageable when the time for probate comes. If you want your beneficiaries to enjoy their inheritance sooner, your executor should file your documents earlier.

With this said, it may not be convenient to put your documents in a bank’s safety deposit box. But if you have to, your executor should have access to it. You will go with them to the bank to provide their ID and signature to have equal access to the contents in your box.

3. Relationship with beneficiaries

Although not necessary, it can help if your executor understands the relationship between you and your beneficiaries and among each other. This way, if anything happens during probate, they won’t be surprised and may have prepared for such instances.

Your executor plays a crucial part in your estate plan. You should get legal guidance to appoint the right party and help them understand their duties in depth.

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