Creating an estate plan is a good idea for any person in Miami who has wishes, assets or people they want to protect after death. However, many people don't know where to start.
For some people, it can be best to begin by thinking about who you want to be in charge of executing your wishes. Even if you are still unsure about the specifics of your will, you can start considering who might be good a candidate to be the executor. This person will be tasked with various complex responsibilities, so it is important to choose an executor with certain characteristics.
An executor should be someone over the age of 18 who:
- You know you can trust
- Is capable of handling legal responsibilities
- Is willing to take on this role
- Lives in your state or can travel easily
- Understands your wishes
- Is comfortable managing finances
- Is well organized
- Is honest
These traits will make someone well suited to fulfill the obligations required of an executor.
In some cases, the party you choose will be someone very close to you, like your adult children, a parent or your spouse. In other cases, you may decide to have an attorney or bank serve as executor. This can be common in situations where a will is extremely complex or when there are difficult and contentious family dynamics at play.
Your will is only as effective as the person entrusted with carrying it out. If an executor mismanages money, fails to pay certain debts or does not in your best interests, your will could lead to the very problems and fights you intended to prevent.
Having an appropriate executor named will give you (and your loved ones) the confidence that your wishes will be fulfilled properly. If you have questions about what an executor should be prepared to do or whom you should designate as your executor, it can be wise to consult an estate planning attorney.