If you are currently planning your estate, you have a lot of things to consider. However, one of your priorities should be to name an executor as soon as you can. That way, your executor can stay abreast of your plans and know what to do when the time comes. Here are some responsibilities that your executor needs to know about.
Location of Your Documents
The most important thing your executor needs to know is where your final documents are. Your will and other documents should be kept together, and the executor of your estate always needs to know where those papers are kept. When you pass on, the executor will not need to wait for the attorney to start taking steps to fulfill your wishes and settle your estate.
Securing Your Belongings
When someone passes away, some relatives and others think that their deceased relative wanted them to have certain items, and may try to take them from their home after the funeral. If you don't want this to happen, you and your executor need to plan to keep your belongings safe until the executor has had time to distribute items according to your will. You may wish to change your locks and only give a key to your executor, for instance. Your executor needs to be able to keep track of everything you own so that your possessions are distributed to your beneficiaries as you see fit.
It may be a smart idea to have your executor listed on all your financial accounts, so that they are the only other person who has access to your money and other financial assets. That will make it more difficult for others to attempt to withdraw money or seize other assets.
Tax Issues
Your executor will need to file a tax return for your estate, and they will be responsible for making sure that other bills are paid for. They may need to open a checking account and work with a financial adviser or your lawyer to ensure that they settle your finances correctly so that your estate avoids additional fines and fees.
Now that your familiar with some of the things that the executor of your estate needs to know, sit down with the person you've chosen and discuss the information. Talk to an professional estate planning attorney, like those at Linn Schisel & DeMarco Attorneys At Law, about more ways to ensure that your executor is empowered to take the right actions when the time arrives.
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