Choosing an Executor

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Selecting an executor to administer your estate is a crucial consideration in estate planning. The executor you choose should have the willingness, time, skill and knowledge to effectively undertake the numerous duties regarding your estate, which include funeral arrangements, determining the value of assets and liabilities, filing estate tax returns and much more. Appointing a family member or friend without the appropriate knowledge or experience could cost your estate thousands of dollars.

Once you’ve chosen an appropriate executor, it’s time to develop an action plan to ensure that they are positioned to successfully administer the estate. Here are just a few discussion points to ensure the process goes smoothly.

1. The will and other key documents.

The executor needs to know where the will and other key documents are located—and be able to conveniently access them.

2. Funeral arrangements.

The executor, not the next of kin, is legally responsible for the body and, therefore, needs to know about the details of the funeral arrangement.

3. Content of the will.

There is real value in going over the content of your will with your executor. You may want to communicate or explain specific provisions to ensure that they are able to carry out your wishes.

4. Assets.

You and your executor should review all of your assets together. The executor needs to know if there’s valuable art in the house and whether life insurance proceeds, registered plans such as a Registered Retirement Savings Plan or other funds are being routed through the estate or directly to designated beneficiaries.

To learn more about estate planning and finding the right executor to manage your estate, talk to your financial advisor.