Planning one’s estate can be a difficult task, as there is a lot to think about. One thing that some New Jersey residents may fail to really consider is the role the executor plays when it comes to administering their estates. Before just naming anyone to this position when going through the estate planning process, really consider who would be best for the job.
Being the executor of an estate is not easy. There is a lot that this person has to do. Failing to do everything just so can have significant consequences for the executor, beneficiaries and the estate in general. A few things that an executor has to do when administering an estate are:
- Locate the will — if one exists
- File to open a probate case
- Collect and inventory assets
- Inform beneficiaries and creditors
- Pay any valid claims and taxes
- Pay legal fees
- Distribute assets
This list makes closing out an estate look like a simple task that can be completed in no time. The truth is, there may be a lot more to it than what is listed here. An executor has to be good at looking at the details and handling stress and confrontation. It is not a role that everyone is meant to play. When picking an executor, it really is necessary to consider how well he or she will be able to manage in the position.
The purpose of estate planning is to protect oneself, one’s family and one’s assets. Naming an executor who is not up to the task may cause problems when it comes to administering the estate down the line. New Jersey residents who would like more information about this topic can turn to an experienced estate planning attorney for guidance before designating just anyone to the role of executor.