Before you sit down to draft your Last Will and Testament you will undoubtedly spend a considerable amount of time contemplating the gifts you intend to make in your Will. Who will you include in the Will? Which beneficiary will receive which assets? Like most people, these are all questions you might ask yourself. Unlike like most people, you shouldn’t make the mistake of giving very little thought to the appointment of your Executor.
What to Consider Before Appointing Your Executor
Many simply fill in the name of their spouse, adult child, or close friend as their Executor. However, this isn’t always the best choice. Read through the following “Five questions to consider before appointing your Executor.” Though you may not realize it, your choice of Executor will have a significant impact on the probate of your estate. Consequently, great care should be taken when deciding who to appoint to the position.
Does your prospective Executor handle conflict well?
A well drafted and comprehensive estate plan can significantly reduce the possibility of conflict and/or litigation during the probate process. However, there are no guarantees. Therefore, your Executor may be required to defend the estate and/or your Will.
Does your candidate have the time to devote to the job?
Even probating a small estate with relatively modest assets and no litigation requires a good deal of time and energy. The larger, and more complex, your estate is the more time it will require from your Executor to probate. Someone who has a demanding job or home life may not have the time necessary to do a good job as Executor of your estate.
Does the individual have the education, skills, and/or experience needed to be a good Executor?
A wise Executor will retain the services of an experienced estate planning attorney to help during the probate of an estate. Yet, there are still a number of decisions to be made and strategies to consider that require a certain degree skill and/or experience.
Does your nominee live close to you?
Keep in mind; this is not an absolute requirement. Nonetheless, appointing an Executor who lives far away can make the entire probate process more complicated and less efficient. This is particularly true if your estate includes real property, or other assets. Often these assets must be maintained and cared for until the probate process is complete. Will your Executor be able to do what is needed from their location?
Does your potential Executor stand to gain from your estate?
When it comes to your estate, it may pay to be critical. As much as we hate to think anyone would take advantage of our passing, think about it. Does your top choice for Executor have money struggles? Do they perhaps hold a grudge against any of your beneficiaries? If so, you might want to revisit your options.
Consider Before Appointing Your Executor
At the end of the day, an executor has one job. They must be willing and able to execute your estate as you wanted it. If you have additional questions or concerns about your Texas estate plan, contact the experienced Texas estate planning attorneys at The Mendel Law Firm, L.P. by calling 281-759-3213 to schedule your appointment today.
- Thought of the Day - May 31, 2023
- Thought of the Day - May 24, 2023
- Thought of the Day - May 17, 2023