In a solid will, Florida residents have to choose an executor. Forbes suggests that choosing an executor can be a difficult decision because there are many ways that an executor choice can go south. It may not be as simple as choosing your oldest friend or your close relatives. Keep in mind that the executor of your will has responsibilities that he or she needs to be capable of completing. The executor of the will is a fiduciary who manages your estate when you pass.
An executor of a will has the following responsibilities:
- Inventory of all assets and liabilities
- Submission of will to the court
- Tax elections and filings
Often, the executor will have to work with a number of professionals to obtain valuations for real estate and business assets. To have an executor who does not understand finance can make the role difficult. In addition, the executor may have to mediate family disputes.
The probate process can last for up to two years. This is a long time for one person to have to handle the stress of probate. If you choose someone who cannot handle it, then it may be potentially disastrous. It is important to choose someone who has a financial background, if you can. In addition, remember to keep age in mind. You want someone who has maturity to handle your estate. Of course, it is still important that the executor knows you.
Knowledge of who you were as a person and what you care about is crucial. After all, your executor haws to make important decisions based on your wishes.
The above is meant to educate on choosing an executor. It is not intended to be legal advice.
