Often, the hardest conversations in life are also the most critical. One of these is the topic of what will happen to your belongings after you are no longer with us. When you are close with your family, the very idea can be unspeakable. However, it is an inevitability we all must face, and planning in advance can spare your loved ones more pain and stress than necessary.
Choosing the Executor of your Will is just one piece of the puzzle when it comes to effective estate planning. Having someone you trust to act in good faith is only one part of the equation. The person you choose must have both the ability and willingness to undertake this all-important responsibility. In this post, we’ll outline a few things to consider when asking someone to be your Executor.
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The Responsibilities of an Executor
Your Executor will juggle many moving pieces to settle your estate after your passing. Though it’s reassuring to choose a close family member, remember that they will also be grieving as they handle their multiple responsibilities. Talk to them ahead of time to ensure they have the necessary resources and will be prepared to handle this burden. A sample of these tasks include:
- Manage the estate, including all assets and debts.
- Make funeral arrangements.
- Keep track of all expenses associated with managing the estate.
- Notify all beneficiaries about their inheritance.
- Apply for probate, if applicable.
If you own a home, it will also be the Executor’s responsibility to sell it as part of distributing the estate to all beneficiaries. This is one of the most significant roles they will play. The additional resources below can help them when the time comes:
- What Are the Best Practices When Handling an Estate Sale?
- What If Family Members Fight During an Estate Sale?
- How to Sell a House for Someone Else
Does Your Candidate Have the Ability to Act as an Executor?
Establishing someone’s willingness to act as your Executor is relatively easy; you can simply ask them. Of course, they may say “yes” out of a sense of obligation. They may also lack the understanding of how involved the role actually is. A deeper conversation may be in order so that your candidate knows what they are agreeing to.
Determining whether someone has the ability and necessary skills to be your Executor is a different story. Since the scope of duties is so wide and varied, it’s important to choose someone with a solid business acumen. Ideally, they’ll have some experience with financial investments; perhaps they have even bought or sold real estate before.
Above all, this must be a person you trust to act according to your wishes as you’ve outlined in the Will. They’ll need to be fair and impartial as they deal with your loved ones and settle any inheritances. Often, you’ll end up choosing your spouse, a sibling, or a close friend. Alternatively, you might choose your child if they are now of age.
Advance planning will make settling your estate easier for everyone involved. The posts below can help:
- Do You Need Power of Attorney for Peterborough Real Estate?
- What Are the Implications of Selling an Inherited Home?
- Can Your Adult Children Sell Your House When You’re Gone?
Do What You Can to Ease Their Burden
Asking someone to be your Executor is by no means a small request; however, there are numerous ways you can ease their burden when the time comes. It starts with having a clear and uncontested Will that allows for no guesswork or arguments. Even this is just one small part of estate planning.
For example, you can set up beneficiaries directly on any of your financial and investment accounts, which automatically transfers ownership to your next of kin. An added benefit of taking care of this in advance is that these assets will no longer have to go through probate. This saves time and money, which means more of your hard-earned assets will go to your loved ones instead of to the lawyers.
If your real estate title is a joint tenancy, ownership will automatically pass to the surviving partner. Otherwise, you will need to complete probate before listing the house for sale.
Another small step that will ease your Executor’s burden is to make a list of all of your accounts and keep all relevant documents together in one place. Managing your estate will be much easier with this information readily available rather than them having to track everything down.
You can also consider assigning a Co-Executor to share the responsibility. This means the weight doesn’t just fall on one person, and can make all the difference when juggling your estate along with their own lives. Just make sure both parties get along before making your final decision.
Lastly, it never hurts to have an experienced real estate team in your list of connections. Estate sales can be emotional and complicated, and a knowledgeable third party can help your surviving loved ones stay on track while preparing and listing your family home.
Do you have questions about estate planning or selling a home on behalf of someone else? Our Peterborough real estate agents are committed to providing you with the highest level of service and expertise. Reach out to us today at team@jeffandkatie.ca or call 705-243-9797 with any questions.