Your appointed executor has a crucial role in your estate plan. They will manage your assets, pay off debts, communicate with beneficiaries and interested parties, distribute assets and close the estate. Thus, their duties can be demanding.
But you can make work easier for them. Here is how you can do it:
Organize your documents
One of the responsibilities of your executor will be identifying, gathering and securing your assets. They need to find all legal documents and secure physical property. This task can be time-consuming, particularly when some documents are missing.
Creating a list of all your assets and documents, including account numbers and passwords, can save your executor months. Additionally, it helps to keep all documents together in a location the executor knows about and can access.
Keep your estate plan updated
Your executor submitting an outdated will to court can result in a lengthy process. It’s important to regularly review your estate planning documents and keep them updated.
Connect them with your team
It can be beneficial to connect your executor with the professionals on your team, including your attorney, financial advisor and accountant. They can significantly help your executor with their duties, such as navigating probate, filing tax returns, appraising assets and so on.
Give instructions for personal items
Personal items like jewelry, art, furnitire and collections can cause conflict. Your family may disagree on who keeps an artwork or what to do with your collections. This can delay the probate process and cause tension, which can make work complicated for your executor.
It’s vital to leave instructions for personal items. Washington allows residents to use a Personal Property Memorandum to distribute tangible personal property.
You can make work more manageable for your executor. Learn more about other ways to help them serve without difficulties.