Who should be the executor of your estate?

One of the most difficult aspects of planning for the future is making decisions about what should happen after you pass away. While this can be a difficult thing to consider, you have the right to have the final say over various aspects of what happens to your personal property and even certain medical decisions during your lifetime. Estate planning is an important step for Texas adults of all ages and income levels.  

There is no one-size-fits-all solution to estate planning. The ideal way to create a legal and financial plan for the future depends on your needs and your objectives. While every estate plan is different, one of the most important decisions that will be part of most plans is the designation of an executor of the estate. This is the individual responsible for overseeing the distribution of assets and other aspects of closing an estate. 

Carrying out your wishes 

The primary responsibility of the executor will be to ensure the carrying out of your wishes according to the terms of your will and other documents. The executor will also oversee the process of paying off remaining debts, handling outstanding financial matters and distributing assets as you planned. This is an immense responsibility, and you would be wise to put careful consideration into your choice. Consider the following: 

• Not everyone is sufficiently responsible and organized enough to effectively handle estate matters. 
• The person you may want to act as executor of your estate may not want to act in this capacity. 
• It can take more than a year to settle and close the estate, and the executor will need to perform certain duties at every step of the process. 

Like other aspects of your estate plan, you may need to update your designations. If you believe that the person originally designated to act as executor is no longer the right choice, you may adjust your plans accordingly. 

A complete estate plan 

The designation of an executor of your estate is a critical part of all estate plans. If you have not yet made your plans, or you have not reviewed your plans recently, there is no time to lose. With the appropriate designation of an executor and other documents in place, you can be certain that your interests are secure and that you will have control over certain matters in the future.