A key part of estate planning is choosing your executor, who will be responsible for carrying out the terms of your will. While it might be tempting to simply name a close friend or family member without asking them, you are taking a chance that when the time comes, they will say No, which can result in complications, delay and expense. It’s important to have a conversation with that individual before officially naming them as your executor. Here’s why:
- It’s a Major Responsibility
Being an executor comes with substantial legal and financial responsibilities, which can be a time-consuming and emotionally taxing. By asking someone beforehand, you give them the opportunity to understand the scope of the job and decide whether they’re up to the task.
- It Requires a Specific Skill Set
Not everyone has the organizational skills or the understanding of financial and legal matters needed to be an executor. And some people are just not good at handling the conflicts that sometimes arise among beneficiaries.
- Avoiding Unnecessary Stress
Being thrust into the role of executor can add significant stress to someone who is already grieving. By asking in advance, you can gauge whether your potential executor can deal with the stress.
- Preventing Family Conflicts
If your chosen executor feels unprepared or unwilling to take on the role, they might feel pressured to accept out of obligation, which could lead friction with other family members. By having a candid conversation, you can help prevent misunderstandings that could lead to conflicts.
- A Chance to Prepare
When you discuss the role with your executor beforehand, they can ask questions, clarify their understanding of your wishes, and prepare themselves mentally and practically for the role ahead of time.
- Respecting Their Wishes
Some people may feel uncomfortable with the responsibility of being executor, and it is only courteous to give them the opportunity to decline. This will also give to a chance to think of someone else who IS willing and able.
Conclusion
Naming an executor is not a decision that should be made lightly. By asking someone before naming them in your will as your executor, you ensure that they are willing and able to take on the role.
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