If you are considering creating an estate plan, one of the first decisions you need to make is who you want to be the executor of your estate. For all Florida residents, this decision is not only one of the first that needs to be made but also one of the most important. Why is choosing the right person to handle your estate administration so important?
To answer that question, you must first understand what an executor does. An executor is an individual tasked with gathering all of your assets, paying your debts and distributing what is left to your beneficiaries according to your wishes. Also, an executor will be responsible for paying any estate-related taxes.
After you understand what an executor is, it should be easy to see why this person plays such an important role in estate planning. First, he or she must be trustworthy. If you want your beneficiaries to receive the maximum from your estate, you must be able to trust your executor to act with your beneficiaries' interests in mind. Second, your executor must be financially savvy. Being an executor is a big responsibility, and that responsibility may be more than a person with little financial knowledge can handle.
If, after learning more about estate administration, you find that you have no one in your life who can fill the executor role, do not worry. Your executor does not have to be a friend or family member. Instead, you can appoint your attorney to be your executor. If you would like to learn more about this service and others we offer, you can do so by visiting our firm's website.