Investopedia’s recent article, “The Executor’s Checklist: 7 Tasks Before They Die,” reminds us that being executor of an estate means significant responsibility. It can be a daunting task, if you’re unprepared. Here are some simple steps to take while the testator is still alive to make the executor’s job easier.
- Be sure to Have the Location of the Will and Other Estate Planning Documents. This is a no-brainer. You make the executor’s job easier, if you let your successor know where you keep the original will, deeds, partnership documents, insurance policies, or other important papers and who has copies (i.e. your estate planning attorney).
- Retitled Accounts Where Appropriate. If you are married, mostly like they want assets to flow directly through to the widow(er), so make accounts as joint and make sure that properties and titles are in both names. If you have a trust, the assets are titled in the name of the trust.
- Make a List of Your Preferences. Another way to make things easy on the executor and the family, is to include funeral preferences, which need to be in writing and signed by the testator.
- Draft a Possessions List and Their Recipients. A big issue that many executors overlook is distributing personal possessions that have little financial value but great sentimental value. Along with the testator, an executor can create a list for the dispersal of personal items, as well as a system of distribution. This should be in your Will or your Trust. The testator can include their reasoning for who got what gift. Sharing the list with those involved may also eliminate some hurt feelings. An organized dispersal can make an executor’s job easier and help with issues of fairness.
- Create an Annual Accounting Sheet and Updating Schedule. If the testator keeps track of the estate electronically on an annual basis, the executor will have a good idea of assets when it’s required. This e-document will also decrease the time spent searching for that jewelry the testator gave to a granddaughter or tracking down the funds that were supposedly in a now-empty investment account.
- Create a Sealed Online Accounts Document. An executor should also have a record of the testator’s online presence to deactivate accounts. This document simplifies work for the executor.
- Meet the Relevant Professionals. Executors should be familiar with the accountant, estate planning attorney and other professionals the testator uses. They may have further advice specific to the testator’s situation.
Preparation will greatly decease the odds of any complications, when carrying out your duties as an executor. Take these actions while the testator is still alive to help make certain that the executor carries out the testator’s wishes.
One of the main goals of our law practice is to help families like your plan for safe, problem free, and successful transfer of assets to the next generation. Call our office today to schedule a time for us to review your estate plan and identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Investopedia (July 11, 2019) “The Executor’s Checklist: 7 Tasks Before They Die”