An executor is an important role that manages the estate of a deceased person. The role of the executor includes distributing assets, settling debts, attending probate, registering a death certificate, managing the memorial service, and more.
An executor should be chosen wisely, as they will be responsible for managing important decisions regarding an estate. If you are struggling to decide on an executor, here are six considerations to value.
Choose Someone Who Lives Near You
Choosing an executor who lives locally can simplify things. It will lower costs and reduce the amount of travel. It also helps if the family already has an established relationship with the executor.
Choose Someone Responsible and Organized
The executor handles challenging decisions and paperwork regarding an estate. Therefore, someone with good organizational skills is often a good fit. Before choosing an executor, they must understand the estate and what needs to be done.
Choose Someone Around Your Age or Younger
It is important to plan for the executor to be around long term. It’s best if they are at least around your age or even younger than you so that they will likely outlive you.
Choose Someone Who You Trust
Trust is essential in this role. The executor should be able to draw on personal knowledge about the deceased person and appreciate the person’s wishes regarding their assets.
Choose Someone with Financial Acumen
The role of the executor involves managing financial assets and holdings. The bigger the estate, the more financial knowledge they may need. The executor will have to understand how to manage your affairs and get your estate through probate.
Choose Multiple Executors
If a person has a complicated estate, it’s a good idea to have more than one executor. Having multiple executors helps to ensure that the estate is managed according to your wishes.
If you are having trouble choosing an executor, contact Zancope Notary for professional assistance.
At Zancope Notary Public, our specialty is Wills and Estate Planning documents (Representation Agreement and Power of Attorney). We are a full-service firm with two notaries full time at the office. We also offer real estate services for clients in Langley and throughout Greater Vancouver and the Fraser Valley. We can help you with buying, selling, and refinancing real estate, and provide family property transfers and independent legal advice.
If you have any questions about this article or estate planning, in general, or if you want to make an appointment with Zancope Notary Public, please contact us at (604) 260-6783.
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