An executor can have a difficult job even when an estate plan is well prepared. There are documents to locate, assets to identify, bills and expenses to address, deadlines to meet, and beneficiaries who understandably want to know what is happening.
Some of that work simply comes with administering an estate. When you look at the process from the executor’s perspective, there are also things that could make the job considerably easier.
Here are five things your future executor may be glad you took care of ahead of time.
1. Make Sure Your Executor Knows They Were Chosen
It may be hard to believe that someone could find out only after a death that they were named executor, but it does happen. That can be quite a surprise, particularly when the person is also grieving and suddenly learning about the responsibilities they have been asked to take on.
Your executor does not need to know every detail of your estate ahead of time. They should, however, know that you have chosen them. A conversation gives them an opportunity to ask questions and, just as importantly, to tell you if they are not comfortable serving.
Knowing about the role ahead of time will not eliminate the work involved, but it can make the responsibility feel a lot less unexpected when the time comes.
2. Make Important Documents Easy to Find
Finding the documents and information needed to begin settling an estate should not have to be a challenge. A little preparation can give your executor a much clearer place to start.
Someone you trust should know where the original will and other important estate planning documents are kept and how to contact the attorney who prepared them. The same applies to information about financial accounts, insurance policies, real estate, business interests, and other property.
That doesn’t mean handing over private financial information while you are alive. It simply means leaving a reasonable path for your executor to identify what exists and where to begin looking.
3. Leave a Record of the Less Obvious Assets
A house or bank account may be relatively easy for an executor to identify. Other property can be much easier to miss.
Online accounts, digital assets, safe deposit boxes, storage units, collectibles, outstanding loans owed to you, or property kept somewhere other than your home may not be discovered if no one knows to look for them.
Imagine trying to settle an estate while also having to figure out whether there are assets you do not even know exist. An inventory can give your executor a starting point and reduce the chance that something important is overlooked.
4. Give Some Direction About Personal Belongings
Some of the hardest decisions an executor faces may have very little to do with money.
Family photographs, jewelry, furniture, collections, artwork, and other belongings can carry considerable sentimental value. When several family members want the same item and no instructions have been left, the executor can find themselves caught in the middle of a disagreement they did not create.
If certain belongings matter to you or to particular family members, addressing them as part of your planning can spare your executor from having to figure out what you would have wanted.
5. Make Sure Your Estate Plan and Assets Still Line Up
An executor may also discover that the estate plan and the way assets are actually owned do not produce the result everyone expected.
Beneficiary designations, jointly owned property, trust assets, and accounts that transfer directly at death may pass outside the will. If those arrangements change over the years without considering the rest of the estate plan, the executor may be left trying to sort through a plan that no longer fits together as intended.
Periodic reviews can help identify those inconsistencies before they become someone else’s problem to resolve.
Make a Difficult Job More Manageable
No amount of preparation can eliminate every responsibility involved in settling an estate. Your executor will still have work to do.
They should not also have to become a detective simply to determine what you owned, where important documents are located, or what you wanted to happen with particular property.
Looking at your estate plan from your future executor’s perspective can reveal some surprisingly simple things you can do now to make their job easier later.
Thoughtful planning now can make your future executor’s job easier later. Roth Elder Law can help you review your estate plan and address issues that could create unnecessary questions or complications. Call our office at 607-962-6162 or reach out through our website to get started.