Florida residents who are thinking about their plans for the future may want to make sure that they have properly arranged to pass their belongings on to their loved ones. When writing a will, one of the most important decisions people can make is not about the distribution of their property but about who they select to serve as executor. While the task can require some complex legal and financial responsibilities, many select an executor for emotional or familial reasons rather than the person’s ability to do the job. People may name their closest siblings or best friends as a way to honor the relationship.
When it comes to picking an executor, an estate owner should be aware that this is not an honorary title. The executor is responsible for managing the estate after the testator passes away. This includes accounting for all of the person’s assets, working with the probate court and handling any final tax liabilities. The executor also must also account for the estate’s expenses and income. Depending on the size of the estate, the executor may need to work together with lawyers, accountants and other professionals. If a dispute emerges over the will, the executor’s job can become even more fraught.
Choosing the right executor often means choosing someone with patience and attention to detail. Financial experience can also be important as the executor will need to make decisions that can affect the value of the estate and the sums received by the beneficiaries.
When thinking about the future and the decisions that come with it, an estate planning attorney can help. A lawyer can help a client develop a complete estate plan.