What is the Role of the Executor in Estate Planning?

When a person engages in estate planning, they are making plans for their assets after they die.  Often this includes working with an estate attorney to write a will, which names an individual to serve as executor.  That executor will be responsible for following the instructions in your will and the laws of the state where you reside when you die so that your estate goes to the beneficiaries you name in your will.  (Don’t worry–your estate attorney can help them!)

But what role does your executor play when you are planning your estate?

The Role of the Executor in Estate Planning

Technically, an executor has no role in your estate planning.  The executor duties do not begin until the will-writer dies.  But because the executor is often a trusted individual, they can be a great addition to your estate planning team.  

What is Estate Planning?

Remember that an estate is what a person has at the time of their death minus what that person owes (debts, taxes, liabilities).  Estate planning is the process of anticipating and arranging for the management and disposal of your estate when you die.  This planning includes things like making a will and/or trust, executing healthcare directives and/or powers of attorney, tax planning for your estate and even thinking about the impact of your estate and taxes on your beneficiaries.  Engaging in estate planning can help make sure your wishes are known and followed and can help maximize your gifts to your beneficiaries while reducing the potential for disputes.

How Can Your Executor Help in Estate Planning?

• Serve as a Sounding Board: Because your executor will be on the front lines of settling your estate when you die, they can often be a great sounding board as you consider ways to put your estate in order and provide peace of mind for you and your loved ones.  
• Prompt You to Prepare More Information: When your executor understands the duties of an executor, especially if they’ve read through the information on Executor.org, they may help prompt you with questions like which bills you have on auto-pay or what your regularly recurring subscriptions are.  
• Identify Potential Issues: When sharing your wishes, your executor can ask whether you’ve put them on paper in your will.  By discussing your wishes and your will in advance, the executor can highlight areas where disputes might arise among beneficiaries or where additional legal or financial planning might be needed.

In return, you can help your executor understand if you want them to accept executor compensation.  You can also introduce them to your team of professionals, who they will likely work with on your estate administration when you die.  

Conclusion

Planning your estate is an important task to ensure you have a say in what happens to your assets after you die.  Let Executor.org help by providing tips for estate planning and a customized tool to help you navigate the 100+ steps you need to think about regarding estate administration.