By Sarah Stewart Legal Group
When choosing an executor, or deciding if you want to be one yourself, remember the job isn’t easy. The executor manages the estate of the deceased, usually while in the throes of their own grief. They are responsible for taking the estate through the court system, accounting for estate assets, and filing any necessary tax returns. The job is thankless, difficult, and can last for a long time, depending on the circumstances of the estate.
Due to these difficulties, there are some things to consider when choosing an Executor:
(1) Work Ethic
Generally speaking, the better your estate plan, the less work your Executor (or Trustee) has to do. However, if you have a Will in your estate plan, you will need to ensure the Executor you choose has a strong work ethic. The more assets you have, the more important this quality will be. Probate can last for a long time, and can cause friction in even the best of families, so you need to be sure your Executor has the perseverance to handle these kinds of issues, work through them, and hang on for the ride.
You need to be sure your Executor is someone who can reasonably organize all of your assets and follow your instructions for how to transfer your assets. Your Executor must be focused and reliable.
Your Executor will have to be able to get information from financial institutions. They may also be responsible for selling and/or distributing your assets to fulfill your wishes. You need someone who is capable of working with your financial institutions and assets. You need someone capable and trustworthy.
There are many ways to make the job easier for your Executor. Avoiding probate is one of the most beneficial things you can do for your loved ones. One way you can do this is by establishing a trust. You can also make sure your life insurance policies, retirement accounts, bank accounts, etc. have named, and updated, beneficiaries. Beneficiaries and joint owners receive their funds without having to go to Court for a probate.
In Oklahoma, we also use Transfer on Death Deeds for real property. If you do not have a trust and want to make the Executor’s job as easy as possible, you should consider a Transfer on Death Deed for the real estate you own.
The Deed only becomes effective when the owner dies. So, before death, the property can be sold or transferred in any way the owner needs without the Beneficiary’s permission.
To establish your best estate plan, contact a professional today!