When creating an estate plan, an individual typically needs to appoint someone to carry out tasks concerning their estate. For some, it is easy to determine someone for the role. Other times, it can be challenging because various factors may make that job harder or more complex than usual.
There are many things to consider before choosing someone for the role, including the following:
- Capacity and availability to fulfill estate-related duties – This person has many responsibilities, from filing the will to organizing assets. Someone may not be ideal to become the executor if they already have significant obligations at home or work.
- Trustworthy character – If an executor falls short of trustworthiness, the deceased’s heirs and beneficiaries may fight over whether a replacement is necessary. These disputes can result in legal action and other process complications.
- Appointing multiple executors – Sometimes, an estate can have diverse and high-value assets, making administration tasks too much for one person. If applicable, an individual can appoint multiple co-executors who can work together, completing the process correctly and on time.
These considerations can also come into play when drafting or updating an estate plan. Evaluating the estate and foreseeing possible scenarios after death can help individuals determine who to name as their estate executor.
Getting professional legal counsel
Sometimes, people are unaware of what they are missing because they lack the knowledge to effectively predict what can happen to their estate after passing on. They could prevent this by consulting a legal professional before making estate plan decisions.
Doing so can guide what arrangements are most appropriate based on the circumstances. Experienced advice can also help place safeguards to prevent disputes among surviving family members and beneficiaries.
