You may be in a hurry to wrap up all of the various tasks associated with the estate planning process but one that could cost you significantly is the selection of an executor without careful consideration and thoughtfulness on the part of you and your estate planning lawyer. There are many different things to consider in putting together your estate but haste makes waste when it comes to selecting an executor.
The extensive responsibilities associated with an executor make it all the more important to identify someone who is truly committed to handling this and interested in doing it. As your personal representative, the executor is entrusted with numerous duties, such as taking inventory of the estate’s assets, filing necessary tax returns, handling any claims from creditors and making investment decisions as well as distributing your property to beneficiaries.
You might think that it comes down to simply selecting a family member, but you might also choose a professional to serve in this role or you can choose a close friend. The individual who serves such as your close friend or family member, however, may be too grief stricken to function effectively in the immediate aftermath of you passing away.
Furthermore, such an executor may not have the necessary financial capabilities to serve as your executor. It is also common to appoint co-executors such as one individual who understands the dynamics of the family and an independent executor who has the necessary financial expertise. This is a great way to approach the subject of executor and avoid some of the most common problems.