Choosing an Executor of your Will
Neufeld Legal P.C. can be reached by telephone at 403-400-4092 or email Chris@NeufeldLegal.com
Choosing an executor for your will is a significant decision, as this individual will be responsible for carrying out your final wishes and managing your estate during a potentially difficult time for your loved ones. As such, you will want to assess whether or not your prospective executor possesses certain core qualities that would make them suited for acting as your executor, including:
• Trustworthy and Ethical: This is paramount. Your executor will have access to all your financial information and assets. You need someone you absolutely trust to act with integrity and in the best interests of your beneficiaries, not their own.
• Responsible and Dependable: The role involves many legal and financial duties, deadlines, and meticulous record-keeping. Your executor must be someone who takes responsibilities seriously and can consistently follow through.
• Organized and Detail-Oriented: Settling an estate involves a lot of paperwork, tracking assets and liabilities, communicating with various parties (banks, lawyers, tax authorities, beneficiaries), and adhering to timelines. Someone who is naturally organized will be much more effective.
• Good Judgment and Impartiality: An executor often needs to make practical decisions and may even need to mediate disputes among beneficiaries. They should be fair, objective, and able to prioritize the estate's best interests over personal biases or pressures from beneficiaries.
• Strong-Willed and Tenacious: Unfortunately, an executor may face challenges, such as false claims against the estate or disagreements among family members. They need to be firm, diplomatic, and prepared to defend your will and the estate's interests.
• Willingness to Serve: It's crucial to discuss the role with your chosen executor beforehand and ensure they are willing and able to take on the responsibility. It's a demanding task, and they have the right to decline.
Beyond these core character traits, there are some important practical considerations that should form of your decision-making process, including:
• Availability and Time: Administering an estate can be time-consuming, potentially taking many months or even years, especially for complex estates. Choose someone who has the time and flexible schedule to dedicate to these duties. Avoid selecting someone who is already extremely busy.
• Location: While not strictly necessary, having an executor who lives reasonably close to your assets and beneficiaries can simplify logistics, especially when dealing with physical assets or local legal requirements. If they live abroad, there could be tax implications or additional complexities.
• Age and Health: Ideally, your executor should be younger and in good health, increasing the likelihood that they will outlive you and be capable of fulfilling the role when the time comes.
• Financial Savvy (or willingness to seek help): While they don't need to be a financial expert, some understanding of personal finance, taxes, and legal topics is beneficial. More importantly, they should know when to seek professional advice from lawyers, accountants, or financial advisors.
• Communication Skills: The executor will need to communicate regularly and effectively with beneficiaries, keeping them informed about the estate's progress. Good communication can help manage expectations and prevent misunderstandings.
• Relationship with Beneficiaries: While objectivity is key, someone who is on good terms with your beneficiaries can help foster a smoother process. Existing conflicts can complicate the administration.
Choosing an executor, as well as the alternates, ultimately comes down to your confidence in their ability to effectuate the directives set out in your will, as you are entrusting them with that responsibility following your own death. Making the appropriate choices with respect to your will and other estate planning documents, comes from understanding and insight, which is imparted when working with an experienced estate planning lawyer.
Contact our law firm today to learn how our legal team can help you plan for the future or deal with the legal demands associated with the passing of a loved one. Contact our law firm at 403-400-4092 or via email at Chris@NeufeldLegal.com to schedule a confidential initial consultation.
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