As a solo ager, planning for the future can be daunting, especially when it comes to ensuring that your wishes are carried out after you're gone. Solo agers, or aging individuals without a spouse, partner, or children, face unique challenges in estate planning. Choosing the right executor for your estate is one of your most important decisions. This person will be responsible for managing your affairs after you pass away, and their role is crucial in making sure that your assets are distributed according to your wishes.
In this blog, Heritage Legal will explore key factors solo agers should consider when selecting an executor and offer tips for finding someone you can trust with this crucial task.
What Does an Executor Do?
An executor, also known as a personal representative, is the individual responsible for administering your estate after your death. This role comes with a variety of duties, including:
Filing your will with the probate court
Managing and protecting your assets during the probate process
Paying off any debts or taxes owed by the estate
Distributing assets to your beneficiaries according to your will
Handling any legal challenges that may arise
The executor’s job is both complex and time-consuming, so it’s essential to choose someone who is both willing and capable of carrying out these duties.
Considerations When Choosing an Executor as a Solo Ager
When selecting an executor, most people typically choose a spouse, partner, or adult child. However, solo agers may not have these options, so the decision requires more careful thought. Here are some considerations:
Trustworthiness
The executor you choose will have complete control over your assets, making it vital to select someone you trust implicitly. This person will have the legal authority to manage and distribute your estate, so honesty and integrity should be at the forefront of your decision.
If you don’t have a close family member or friend who fits this bill, consider hiring a professional executor, such as a trust company or an attorney. Professional executors are impartial and experienced in estate administration, ensuring your affairs are handled correctly.
Capability
An executor’s responsibilities are more than just administrative. They must be able to navigate the probate process, work with financial institutions, and possibly handle family disputes. It’s essential to select someone who is organized, financially savvy, and detail-oriented. Additionally, the executor should be capable of making tough decisions and dealing with the emotional aspects of estate administration.
Willingness and Availability
Even if someone is trustworthy and capable, they need to be willing and able to take on the role of executor. Serving as an executor can be a lengthy and complex job, so be sure to discuss your choice with the person you have in mind before finalizing your decision. Ensure they understand the responsibilities and are open to taking on this role.
Moreover, consider their location. While an executor doesn’t necessarily need to live in the same city or state, being geographically close can make certain tasks more manageable, such as meeting with lawyers or handling real estate.
Legal and Financial Knowledge
If your estate is complex or involves business interests, substantial assets, or ongoing financial obligations, your executor may need some level of legal or financial knowledge. In such cases, it might be best to select someone with experience in these areas or hire a professional executor specializing in managing estates.
Consider Professional Executors
If you don’t have a family member or close friend you trust to manage your estate, hiring a professional executor may be your best option. Professional executors, such as attorneys or trust companies, have extensive experience in estate administration. They are impartial, which can be particularly helpful if your estate is likely to be contested or if you’re concerned about fairness.
While professional executors charge a fee (often a percentage of the estate’s value), they provide peace of mind knowing that your affairs will be handled according to the law and your wishes.
Steps for Solo Agers to Find the Right Executor
Make a List of Candidates: Start by making a list of potential candidates, including friends, relatives, and professionals. If you’re considering non-family members, ensure they have a strong sense of responsibility and are willing to take on the role.
Evaluate Each Candidate: Consider their trustworthiness, capability, and availability. Consider their personal situation, such as health or financial stability, to ensure they’ll be able to handle the responsibilities.
Meet with Potential Executors: Have open and honest conversations with each candidate about the role. Discuss your expectations and any potential complications they might face.
Consider Naming a Co-Executor: If you're unsure about naming just one person, you can appoint co-executors. This allows two people to share the responsibilities, though it requires good cooperation between them.
Consult with an Attorney: Working with an experienced estate planning attorney can help you understand your options and make the right choice. They can also assist in drafting your will to ensure your wishes are clearly articulated.
Ensuring Your Legacy: Choosing the Right Executor as a Solo Ager
As a solo ager, choosing the right executor is one of the most important decisions you’ll make in your estate planning. Take the time to carefully evaluate your options, and don’t hesitate to seek professional advice. With the right executor in place, you can have peace of mind knowing your wishes will be carried out and your legacy preserved.
If you’re unsure where to start, Heritage Legal is here to help. Contact us today to learn more.