Who Is Best Placed to Handle Your Affairs Once You Are Gone?
Although you may prefer not to think about your dying day, sooner or later you're going to have to address the situation and make sure that your last will and testament is properly crafted by a deceased estate lawyer. This document can be quite a challenge by itself, but don't forget that you need to appoint somebody to take care of the details when you are gone as well. What does this entail, and who should you choose to make sure that this work is properly handled?
Understanding the Role of the Executor
The law requires you to nominate at least one, and possibly more executors. If your estate is quite complicated, this can be a significant undertaking, and you will need to choose the individual or team carefully.
To begin with, the executor needs to go to the court and confirm their appointment under what is known as a "grant of probate." They will then have the authority to complete all the work and make sure that the terms of the will are met.
This may require them to gather all your assets together and settle any outstanding debts at the time of your passing. Once again, if your will is quite complex, then they may need to deal with a number of different facilities and banks in order to do so. If some of your assets need to be placed in trust for the benefit of minor individuals in the future, then this will need to be addressed first before any of the other assets can be distributed.
It will certainly help if you can settle most of your affairs before that fateful day, as if not, this can present further issues for the executor. In the worst-case scenario, one of the individuals named within your will may challenge the content, and this can make the entire process more protracted.
Making Your Selection
In an ideal world, you should nominate somebody who has the stamina and strength to execute your estate carefully. Remember, this can be very time-consuming and quite stressful, especially if there is a dispute along the way. If you know somebody who is well organised and would not mind doing this work for you, approach them first. Remember, however, that it's not a good idea to give this work to someone who is a lot older than you, and they will almost certainly need to be above the age of consent, as well.
What About Your Lawyer?
Due to the difficulties associated with finding somebody for this onerous task, many people choose to appoint their lawyer as the executor instead. Certainly, this individual will be used to the procedure and will be better placed to make decisions as and when needed, so it could be the best course of action.