When you leave this earth, your worldly possessions will stay behind. As in the famous 1930's play, you can't take it with you. However, the value of your home, savings and other assets do live on, in a sense. You can bestow them upon your loved ones or a worthy cause.
Unfortunately, moving these assets from point A to point B can be far from simple, but someone must do this job as the executor of estate. You can choose the person who will oversee inheritance and bring your financial matters to a close ahead of time. We have a few suggestions for making this decision.
Tip #1: Do they have financial experience?
The executor's ability to navigate this complex process is key. So many important decisions fall into their hands. They will need to manage paperwork, cash flow, taxes, valuations and more. Organization and acumen are extremely valuable traits for an executor.
Often, California residents decide to name their accountant or attorney as executor. These kinds of professionals should be well-equipped to deal with complicated estate matters. However, if you are concerned about the fees that an attorney might charge, consider looking for a licensed private fiduciary instead.
Tip #2: Consider emotional investment
Being an executor is an important job. It's natural that you might turn to a close family member or friend to fill this role. However, this might not always be the best option.
During this time, your loved ones may have a difficult time dealing with their loss. The addition of this burden might make it harder on them as well as complicate the administration process. Instead, you may wish to appoint someone who has just enough emotional distance to be able to stay level-headed.
If selecting multiple executors, such as your children, make sure that they are not likely to argue over assets. They may hold each other accountable, but major discord can cause a rift in your family's relationships.
Tip #3: Choose who you trust
The executor of the estate will have control over a lifetime of your assets. Ultimately, you should be able to trust this person to respect your wishes. The right executor will fulfill their duties in a way that helps your benefactors and honors your memory.