Creating an estate plan is just one part of making sure one’s final wishes are carried out. Another important factor is choosing the right person to carry out those plans. The executor should be a trusted individual who is up to the task, and there are several things to take into consideration when filling this role.
Deciding on the right person
For some people in Louisiana, choosing an executor is fairly straightforward, such as married people who often choose their spouses. Someone who is unmarried or who is not confident in their spouse’s ability to fill this role might instead look to their loved ones and close friends when making a decision. An executor is in charge of filing the will in court, paying off debts, distributing assets and more. Since this is such an important job, it is wise to consider whether a potential executor is:
- Comfortable serving as executor
One or two executors?
The time it takes to settle an estate can vary, with the average taking approximately 16 months. Naming two people to work together as co-executors could potentially slow this process down even more. For example, documents would require two signatures rather than just one. Executors might disagree on how to handle certain matters, creating conflict. Rather than choose two executors, it might be a better idea to name a contingency executor who would take over should the first be unable to fill his or her role.
An executor cannot fulfil his or her duties without the right guidance. This is why creating a clear and comprehensive estate plan is a must for anyone living in Louisiana. It is not enough to simply create an estate plan either, as it is also important to update estate plans along with big life changes.