Every party involved in your estate plan plays an integral part, but the executor’s work may be more complex. They will be in charge of the estate, which means they will work closely with the beneficiaries and all interested parties, fulfilling duties to each.
Thus, it’s crucial to prepare your executor earlier. Here is how you can do this:
1. Introduce them to the professionals you use
Your executor should know the team you work with during estate planning. These include your financial advisor, attorney, accountant and other professionals. They can offer your executor adequate knowledge to serve efficiently or guidance specific to your estate.
2. Leave some cash for the estate expenses
Your executor will need to access cash to pay some of the estate’s expenses after you die, including funeral expenses, attorney’s fees, appraiser’s fees, court costs, hospital bills if you were ill and so on.
It’s not uncommon for executors to use their money to pay for such bills and be reimbursed later. But you don’t need to put your executor through this. Consider leaving some cash they can use before probate ends.
3. Ensure they can access your documents
Your executor should not have a hard time locating your will and other crucial documents. They should know where all your documents are and should have access to them.
4. Let your executor know of the updates you make
If you make changes to any of your documents, your executor should be informed. This ensures they are up to date. Accordingly, they can quickly identify an outdated document.
Preparing your executor can make their work more manageable. You should get legal guidance when doing this.