What's the role of my chosen executor in the planning process?

When you’re in the process of planning your estate, one of the most important things you should do, apart from writing an up-to-date, legally binding will, is naming an estate executor. Your estate executor is in charge of handling all aspects of the estate settlement process once you’re gone, and making sure they’re capable of the responsibilities and that they’re on the same page as you will ensure that you’ll have an advocate ensuring that your wishes are respected, even when you’re no longer around.

In Florida, the requirements for an estate executor are pretty straightforward: The chosen executor should be a Florida resident, be at least 18 years old, not have been convicted of a felony, and be of sound mind. But those are just the baseline requirements. A good estate executor should also be involved in every stage of the estate planning process, and should be your confidante on this journey. After all, you’ll want to make sure they’re adequately prepared to handle all the obstacles and responsibilities they’ll have to deal with once you’re gone.

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Don’t leave your executor in the dark

First off, your executor should know that you’ve chosen them as your executor, and be aware of what they’ll need to do during the probate and settlement process. You should also be very clear about your wishes, including how you want your beneficiaries to be taken care of and what kind of funeral service you want.

All those important documents you keep stored away, including your will and insurance papers? Now’s the time to go over them with your estate executor, and show them where they’re kept so that they can access them when the time comes.

The same goes for compiling a list of your assets. By having your estate executor involved in the inventory of your estate, they’ll know what to expect and what items to consider when approaching the probate process.

Involve your executor in strategies to reduce the size of the estate

The smaller the estate is by the time you’re gone, the easier the probate process will be. In some lucky cases, you might even be able to skip it altogether! Strategies such as creating jointly held financial accounts and naming joint owners on assets such as real estate and other assets can ensure that many items belonging to your estate don’t need to be probated, which also makes your executor’s job much easier. Knowing what items are jointly held will help your executor prepare for the settlement process and know what they don’t have to worry too much about.

Remember that this is still your plan

As you can probably tell, your estate executor will be privy to a lot of deeply personal and sensitive information, especially when you involve them in the planning process. That’s why it’s so important to choose someone who you trust and who you know will deal with your information discreetly and competently. Therefore, most people tend to choose a close family member or friend to fill the role. If you have any questions about planning your estate, get in touch with ClearEstate and book a free consultation today.