A will executor plays an essential role in protecting and managing your property after you have died. They also ensure that liabilities are sorted out, and the proceeds from the real estate are also distributed to the rightful beneficially. A probate lawyer ensures that your will is drafted correctly. You should consider various factors when choosing the person who will handle your affair after you pass away. Here are the things you should consider.
Trust and Integrity
Finding the right executor of your will can be a daunting task because you need someone you can trust to manage your real estate property. It would be best to consider the intellectual abilities of the executor, such as honesty and emotional resilience. Executors are held liable if they make a mistake or do not execute their roles properly. Your preferred individual should be competent and reliable since their duties might be challenging.
It is recommended that you appoint a trustee company, friends, professionals, or family member as your preferred executor. Most parents prefer to use their offspring as their will executors.
If you prefer a family member or friend to be your executor, ensure that they consult a probate lawyer for help. The money used for these services should be deducted from the proceeds of your real estate. You should have a substitute will executor on standby to manage the estate in the event of the death of your preferred executor.
You should consider the relationship between your executors if you intend to have more than one executor. Your executors should work towards a common goal. You should ensure that the executors have similar personality traits and they understand each other. This will accelerate the decision-making process and avoid standoffs.
You can only appoint a maximum of four executors. Parents who use their offspring as executors can sometimes result in sibling conflict and expensive legal interventions to solve the problem. Deadlock situations can sometimes paralyze the smooth running of real estate.
Executors Geographical Location and Wellbeing
It is recommended that you choose an executor who lives near your real estate. This will help reduce the cost incurred to manage the property, especially if there are duties that may require the physical presence of the executor. It may also be challenging to perform some duties, such as having documents signed if your executors reside from different places. Additionally, appointing an executor who lives in a foreign territory may have negative tax repercussions on your property.
You should also consider the health and wellbeing of the executors. Executors should be individuals that will probably live longer than you. Ensure that they do not suffer from any terminal illness. It is also recommended that you appoint at least a younger executor of the will.
Complexity of your Real Estate
Managing even a modest real estate might be challenging. It is therefore advisable that you appoint an executor that has basic knowledge of business management. If your estate is complex, it is recommended that you appoint a professional such as an attorney to manage your estate.
A complex real estate may require that you appoint several executors. However, appointing a professional executor may attract fees that may be deducted from your estate balance.
At times, managing the estate might become a full-time job for your executor. Your executor might claim a commission for the challenges they experience when managing the estate. They should discuss this issue with the beneficiaries to avoid conflict. Executors residing in Las Vegas should consult a probate attorney in Las Vegas to advise them how they can get executors’ commission from a probate court.
Executor’s Financial Situation
Your estate executor should be someone with a good financial record. It is not advisable to choose individuals who are bankrupt or those who have a bad credit history. This is because these individuals cannot easily become bonded.
Boding refers to a type of insurance that helps to cover the beneficiaries in an event where the executor flees with your estate. Most banks require that your executor become bonded, and they may not allow you to name the executor if the individual is not bonded.
Executor’s Willingness to Act
Your preferred executor should be willing to accept the appointment or simply renounce it. Your executors should also provide their feedback in advance. This will give you ample time to choose someone else to manage your estate.
Ensure that you discuss your preferred executors with your beneficiaries before you appoint them. This will prevent any confusion that may occur after your death. If your property is in Las Vegas, you may need a real estate attorney in Las Vegas to ensure that your wishes are respected after your death.
Availability of your Executor
Your executor of will should be available to manage the estate. It may be inappropriate to appoint someone who is working 50 hours a week or is busy raising children. The executor should also have their personal affairs in order. Their spouses should also support the decision to avoid complicating the matter.
Executors should Understand and Respect your Wishes
Your executor should understand your wishes. There should be no room for guessing or interpreting your will after your passing. Your executor will need to make some decisions regarding your estate even after meticulous planning of succession. These decisions should align with your wishes.
Ensure that you appoint someone that will respect and agree with your wishes. You should not appoint an individual who opposes some of your wishes, such as allocating a certain amount of money to family members or your burial plans when you are still alive. This means that they will likely not honor your wishes once you are in the grave.
Good organization and Communication Skills
Your preferred executor should be organized and possess good communication skills. Most beneficiaries may not understand the role of executors, and this may bring up conflict. Your executor should be able to make frequent communications and explain your wishes to the beneficiaries. They should also pay attention to details when they are executing your will.
Executor and Beneficiaries Relationship
The relationship between the beneficiaries and your preferred executor should be healthy. Your executor should be an individual that your beneficiaries can trust. If you choose professional executors, ensure that they are from a reliable and trusted organization. Your executor should be an individual that is able to keep the peace after your demise. Your preferred executor of will should always remain neutral when there is conflict.