One of the more challenging aspects of estate planning is selecting someone to fulfill the role of the executor.
You can’t assume that anyone can handle the responsibilities that come with such a role. They’ll instead need to be not only organized but also responsible enough that you can trust them to act on your legal behalf after your passing.
What are the executor’s many responsibilities?
One of the first tasks that an executor will need to undertake following your passing is to locate your will and file it with your county’s probate court. They’ll also need to notify your potential creditors and heirs of your death then gather up all your assets to inventory them. Your personal representative is also responsible for settling up with your creditors, filing your final tax return and distributing any remaining assets to your heirs.
Why the executor you choose needs to be financially prudent
The executor you choose to administer your estate should be someone who’s in good financial standing as an insurance company may need to bond them so they can carry out their role. Someone who has past bankruptcies, either poor or no credit or liens filed against them may not be an ideal candidate to qualify for insurance bonding as they may see them as a liability risk.
Other factors to consider when selecting your estate’s executor
You should select someone that lives nearby you to serve as your executor, as they’ll need to regularly visit the court and other local places of business to administer your estate properly.
It’s also best if your executor is younger than you (so that there’s less risk they will precede you in death). You’d have to go back and reappoint someone to this role if that were to happen.
Anyone that you select for this role should also be an adult without any history of mental instability.
Alternatives for finding an executor for your estate
Not everyone has someone around them that fits the bill for serving as an executor. In such instances, most jurisdictions do allow testators to appoint attorneys, trust companies, accountants or banks to act as executors for a nominal fee.
An estate planning and probate attorney can go over the requirements that someone must meet to serve as executor in Colorado. Your Frisco lawyer can then help you draft your will to reflect your desires.