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Information for Executors
Executor Choices
By Dwight Wanken
Registered Principal, Raymond James Financial Services, Inc.
Death is a topic that most people are uncomfortable thinking about. But we should ideally address this topic in a proactive manner because it may involve passing assets to our family. In order to maximize the benefits for your family, the following questions must be considered: Who’s going to carry out your final wishes when you’re gone? What qualities must a person have to effectively carry out the responsibilities of an executor? How do I appoint someone to be the executor of my estate?
One of the major benefits of a will is that you can name your estate’s executor.
Your executor will have the responsibility of taking your estate through probate court, gathering your assets, paying off your estates debts and distributing the remaining assets to your heirs as you instructed in your will.
The ideal executor would be part lawyer, accountant, financial advisor and psychologist. Few people can provide expertise in all these areas so your executor should be willing to work with people who can. In the event that your executor insists on doing everything “solo,” the results could be disastrous for your heirs.
It is important that you choose someone who can communicate with your heirs in clear, non-technical language. You should feel comfortable in knowing that you can have complete faith in your executor’s competence and integrity in carrying out your wishes.
If you haven’t named an executor or you have decided to name someone else, now is the best time to update your will.
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