Estate planning takes many steps to ensure that things go smoothly in the future. It is crucial to do this carefully so that all of your intentions are correctly fulfilled. We often are asked, “What Should You Prepare for Your Executor?”
Here are some things you can do to prepare your affairs for your executor.
Get As Organized As Possible
Executors appreciate a well-organized, detailed estate. This makes their job easier and leaves less room for errors to happen. Therefore, you need to leave things as documented and organized as possible.
You should memorialize in one place a list of important information, including:
- Assets, debts, and liabilities
- Accounts and passwords
- Contact information for professional advisers such as attorneys and accountants
Discuss Your Estate With Your Family
Often families and loved ones have no idea what is actually contained in a will. Sometimes there are nasty surprises that create a lot of drama in a family already having a hard time dealing with the death of a loved one.
To keep this from happening, you should have detailed conversations with your beneficiaries. Inform them about what you plan to do with things like real estate and family heirlooms. After all, it is preferable to keep the peace among your survivors after you are gone.
Write Out Your Objectives
Executors are not mind-readers. However, if you write out a letter of direction to explain your wishes, it is easier for the executor to carry things out more precisely. That way, they can better understand the emotion behind your intentions and enact them in a way that would make you happy.
Albany Estate Planning
If you need help drafting your last will and testimate, your estate, or if you aren’t sure what you should prepare for your executor, give our compassionate Albany estate lawyers a call.