As a new calendar year gets set to begin, many people in Florida may want to take the opportunity to review not only their resolutions but also their estate plans. Whether creating an all-new estate plan or updating an existing one, giving careful consideration to the person named as an executor of a will is a must.
As explained by Forbes, the role of an estate executor is far from a ceremonious one. An executor’s responsibilities include many detailed financial transactions and, in many cases, some potentially difficult familial situations and discussions. As such, people should make sure to name an executor who is truly capable of fulfilling the duties of the role.
Kiplinger recommends that people select possible executors who have displayed the ability to manage their own finances well and who are not in need of any financial assistance. A person who understands financial and tax concepts, tools and strategies may make a good executor. An executor of an estate should be able to remain calm in the face of disputes or hard decisions that need to be made.
Some people find that naming more than one person to act as co-executors works well. This allows different people to provide specific expertise or knowledge to the probate process. It may also help to offset or navigate any disputes between heirs more efficiently. A backup or secondary executor should always be named to proactively account for any situation in which the original executor ends up being unable to perform the necessary duties when the time comes to do so.