As the individual responsible for managing a deceased person’s financial affairs, the executor holds a key role in the estate planning process. Your appointed executor will be in charge of administering your estate through the probate process after you pass away. In practice, this means paying creditors, selling your house, distributing assets to inheritors and overseeing other financial concerns. Choosing the right executor can be tricky, and McKinney residents may benefit from the following tips.
5 Tips for Selecting an Estate Executor
1. Choose Someone Financially Competent
Being an executor will involve processes like paying taxes, dealing with creditors and selling assets. Therefore, the person you choose should have an understanding of finances and be able to navigate the stages of estate management. Executors are usually chosen because they are levelheaded, responsible – and able to address estate matters quickly.
2. Consult an Experienced Attorney
An estate planning attorney can help you throughout the process of creating a will and planning your estate. Getting your estate plan in order will make an executor’s duties far easier, and reduce the likelihood of disputes. If you are unsure of whom to appoint as executor, your attorney may provide advice and guidance.
3. Make Sure Your Estate Executor Has Available Time
An executor may have to dedicate a significant amount of time to dealing with your estate after your passing. If you choose someone with limited free time or who is in poor health, it may be difficult to deal with inheritors, complete paperwork and administer any financial responsibilities.
4. Find an Alternate Executor
It’s also important to select an alternate choice as executor, if for any reason your primary executor cannot manage the demands of your estate. When your executor is close to your age, it can be helpful to include a younger backup executor who would be willing to step in if necessary.
5. Avoid Potential Conflict
Unfortunately estate disputes do happen, and beneficiaries won’t always get along. When selecting an executor, consider whether any personal disagreements could impede the process of executing the will.
Should You Choose a Personal Executor or a Professional Executor?
An additional consideration during the estate planning process is whether to choose a personal or professional executor. If you don’t know anyone well-suited to the role, a corporate trustee could be used. In certain cases, issues such as family disputes can be resolved by a professional executor, but they will require financial compensation for performing the duties.
Get Estate Planning Help With Our McKinney-Based Attorneys
Lucé Law, PC helps clients in McKinney and across North Texas with estate planning, estate disputes and other legal services. For assistance with legally appointing an executor of your estate, contact us now. Call (972) 632-1300 or request a free legal consultation today.
