If you are writing a will, you will have a great deal of decisions before you. In addition to deciding where your funds will go, you also have to determine who will execute the estate and ensure that everything goes according to your wishes. Before choosing the estate executor, you should understand the roles and responsibilities of this trusted position.

Writing a will

• Executor Handles the Final Details

The executor of your estate will handle all the final details. If you have outstanding debts, they will use proceeds from the estate to cover those debts. They are expected to protect the estate’s assets, make distributions to beneficiaries and offer the will for probate. They are required to manage the estate responsibly, and they can be held personally liable if they fail to do so. The executor you choose has the right to refuse this position, and you should make sure they understand the expectations before they agree to perform the service.

• Examination of Documents

Executors will have to know what is in the will and trust documents, so you will need to involve them in the planning. It’s better to avoid surprises ahead of time by ensuring that they understand your wishes and what you have written into the will. If you need help explaining this ahead of time, you can meet with Probate NSW to review the information and ensure that your executor is up to the task.

• Knowing Where and What Assets Are

Keep the executor of your estate informed. They should know what the assets are and where they are located. This is why you want to choose a person you trust completely. If you are not sure you can trust any family members, then you can hire an attorney to be the executor of your estate. Debts, burial and other final expenses will be paid out of the estate first, and you don’t want the executor to lose time hunting down assets to make those payments.

Writing a will is rarely easy, and choosing the right executor is more important than most people realize. It’s not just about having a central contact person for the other beneficiaries to contact with questions. This individual will protect the estate until it can be distributed, work with any probate courts, pay the final bills and see that your wishes are honored. Take the time to choose a trustworthy, responsible person, and make sure they understand what will be expected of them.

This entry was posted on Monday, August 26th, 2013 at 4:35 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.