No matter how poor you see yourself right now, there is definitely an estate to plan hence the need for an executor. An executor is someone who will administer your estate when you pass away and he or she should be someone who is very much capable of doing so — not to mention, willing to. To be able to know both, you and your executor should have “the talk” as soon as possible and get things straight.
Bear in mind that the talk between the executor and you is, most of the time, not a one-time talk. As long as there are changes in your life, or something came up, the need to talk with your executor is instantly there. For example, if one of your kids die ahead of you or you remarried or perhaps there has been a change in your financial flow, these things will prompt a talk with your executor and shouldn’t be delayed. Buying a new home and even thinking of adopting – whether a pet or a child – should also prompt a brief discussion with your executor.
As soon as you determined what is included in your estate, choosing the executor is the next step. If your chosen executor is not your own personal lawyer, it would be a good idea to bring him or her to meet with your lawyer to discuss your estate and straighten things out. Discuss and be honest about what’s involved and what needs to be done. The executor’s role should also be discussed straight away such as distribution of assets, paying off your acquired debts, handling of insurance policies and inventories, and lastly, handling the sale of your home and other saleable items you own. He or she should be empowered to handle your estate and be the point of contact when there are issues pertaining to your assets. Your executor, to be able to successfully handle and facilitate this, should have a copy of the list of people who would get in touch with him or her for certain issues. While it is quite honorable to be chosen to be an executor, he or she should realize this is more than your trusting them with your asset but a responsibility to make sure everything will run according to plan. This is why choosing the most suitable executor is a must – it may not necessarily be a relative but someone who has the capabilities of executing your will as written.
Spending some time with your executor is also recommended as it will somehow explain the things you have written in your will like why this should go to who and what should go to who. Distribution of asset has always been a touchy subject for surviving families and you wouldn’t want your executor to weather these things our right?