Considerations When Choosing Your Executor

While no one would likely characterize drafting a will as an exciting task, it certainly is an essential one. After all, over the course of your life you've built a unique legacy — one that is marked not only by your personality, character, passions, friends and family, but also by the assets you've accrued, savings, investments, charitable causes and most treasured possessions. Surely, you wouldn't want that legacy to end up in the probate courts, so you must appoint an executor to manage your will and/or estate. Designating an executor is equally important as creating a will; therefore, you must exercise just as much careful thought when selecting the individual who will serve in this capacity.

The executor of your will bears a number of responsibilities after your death, so if you want your final wishes to be followed to the T, choosing the right person to carry out those responsibilities is absolutely imperative.

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Eating the Estate Planning Elephant... One Bite at a Time, Part II

You may have been cohabitating with your proverbial estate planning elephant for some time now, but if the first part of this article attempted to prove anything, it's that the best way to tackle any challenge is to take it step by step, or in this case, bite by bite. With this approach, creating that much-needed estate plan is decidedly within reach, and any reasons for procrastinating you may still have been clinging to should have been well trampled by now.

 

If you don't already have a will in place, get to work on drafting it now.

 

You've started breaking the chore of estate planning into small, more palatable “bites,” and you've already accomplished a great deal. Once you've taken stock of your physical assets as well as your more intangible property, tallied up your debts, and have asked your agent or advisor to give your annuity and/or life insurance policies a good checkup, you're well on your way toward a comprehensive plan.

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