Setting Your Executor up for Success

When it comes to your estate planning, you want to not only ensure that you are choosing the right Executor, but also that you are providing that individual with the tools they need to succeed in the role and to carry out your legacy.  We have written a lot of previous blogs about things to consider when it comes to choosing who to name as your Executor, conversations that should be had, as well as tips and tricks – now let’s look at what you can be doing to set your future Executor up for success.  

Communicate 

This seems self-explanatory. However, talking about death is something that many people avoid and put off until it’s too late. This individual should know that you are naming them as your Executor and should understand the role they are about to take on. Give them the opportunity to ask questions and to fully know your wishes. If things change in your estate plans over time, make sure this individual is kept in the loop! 

Locations 

Your Executor will need to be able to access your important documents to administer your estate. Items needed include things such as your Will, Power of Attorney documents, banking, and investment statements, etc. Having these items already prepared and in a location that the Executor is aware of, it will ensure that they have a smooth transition into the role and can act with confidence rather than searching the house for weeks trying to find the information they need. Contact information for your trusted professionals is also crucial to include. 

Digital Assets 

Just about everyone has a digital presence these days – heck, even my dog has one! It is important to review your plans and wishes for your digital accounts with your named Executor. Which accounts should they be closing, and how do they do that? Are they aware of how many social and digital accounts you hold? Do you hold any Crypto that they will need to be aware of? How are they meant to know what you wanted to happen to your Instagram account if it was never discussed? It is often the small oversights that can lead to family disputes, and that is the last thing you want!  

Your Wishes 

This is often the hardest topic to discuss, yet it is crucial for a smooth estate administration. Does your Executor thoroughly understand your wishes and your reasoning? Maybe there was someone you intentionally left out of your Will, or a family heirloom that you have decided you would like to go to a specific family member – all of this is important information to share! This individual is carrying out your last wishes, and if there are any surprises along the way they should be informed in order to prepare and ensure that they approach it in the way you would have wanted.   

Another great tool for your Executor that we recommend is our new online course called Executor Ready. Executor Ready does just that – gets you and your Executor ready for the role through ten easy to digest video modules led by our CEO and Founder Debbie Stanley. Click the link to learn more and to get your Executor Ready today! 

This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.