One of the most critical parts of putting together a will in Colorado is selecting an executor who understands your intentions and desires, and is committed to allocating your possessions in conjunction with what you have recorded. Being proactive about preparing your will can provide security for your loved ones and peace of mind for you, and is facilitated by an executor who takes your wishes seriously.
According to the Huffington Post, your executor will have several important jobs that require attention to detail, organization and integrity. These responsibilities include the following:
- Compiling and submitting any outstanding tax documents.
- Allocating estate funds to cover expenses related to funeral arrangements, unpaid bills and taxes.
- Contacting beneficiaries and overseeing the distribution of assets.
- Organizing finance-related items including terminating credit cards, notifying Social Security of your passing and contacting your bank and post office.
- Preparing court documents to initiate probate processes which will authenticate your will.
- Taking inventory of your possessions and accounting for items listed on the will specifically.
Choosing your executor is entirely a matter of personal preference. Often, selections should be made based off of the relationship you have with a person, how well you trust them and whether or not you deem them capable to handle potential complications. More often than not, your executor will be a family member, trusted associate or friend. However, it is important to remember that if you cannot find someone within your personal circle who you are comfortable with, you can resort to a third-party like a trust company.
Once you have made your selection, notify that person of your desire to have him or her function as your executor and get their agreement in writing. This precaution will help prevent confusion in the long term.
The information in this article is intended for educational purposes and should not be taken as legal advice.