In the event of your death, many important tasks need to be accomplished by the person you have named to serve as executor of your Will. Some things should be done right away, while other steps in the estate administration process are less time sensitive. Overall, your executor needs to collect the assets, pay debts, and make distributions in accordance with the provisions of your Will. The executor’s role can be made much easier if you provided them with some basic information and location of certain items during your lifetime:
Collections.
Let your executor know if you have special collections that may be valuable. Your Will can specify who is to inherit these items, of course. However, if they are to be sold, you may want to let your executor know what dealers are reputable and trusted to offer a fair price. Auction houses may specialize or have an expert familiar with your collectible. Let your executor know what you think should be done with these special items.
Where to find passwords.
So much information is digital now, that passwords are as important for your executor to have as the old-fashioned key.
Who is to receive your tangible property?
If there are items of special value, either in terms of financial worth or sentimental value, let your executor know who should receive what. Your Will is the best place to set forth your wishes for major items, but your intended disposition of less valuable items can be mentioned a “tangible personal property memorandum” if your Will provides for this method of directing the distribution of tangible personal property. Very valuable items should generally not be part of the tangible personal property memorandum. Instead, you work with your estate attorney and describe them with particularity in your will so the disposition is iron clad. Wills often provide that tangible personal property is to be divided among your beneficiaries as they may agree, but in the event of disagreement, as the executor decides. Communication with your executor during your lifetime can make this difficult part of the estate administration much easier.
Donate, Discard, or Sell?
Your executor is going to have to go through your home and for items not accepted by your beneficiaries, will need to determine what is valuable enough to sell, what can be donated to charity or a charitable thrift shop, and what can be discarded. Telling your executor how to deal with your tangible property (“stuff”) can make this difficult task easier. Throwing things away can be emotionally painful for an executor, especially for a grieving relative who is serving as your executor, since they may see a lifetime of memories, not just things. . If you have communicated your wishes, and give your executor the freedom to exercise their best judgment, you can make this emotionally taxing task more bearable for your executor.
Family Dynamic.
If your named executor is not familiar, it can be helpful for you to tell your executor a bit about the family dynamic, personalities of the beneficiaries, and simmering family tensions that may surface in the event of your death. For example, you may have beneficiaries who you love but know are particularly disagreeable, have substance abuse issues, financial problems, or who will not help the executor but complain a lot. On the other hand, perhaps you have beneficiaries who can be peacemakers in the event of conflict, or who would be glad to run an errand, make a phone call, or otherwise help the executor any way possible.
The Executor Can “Renounce” if they Wish.
If you named multiple co-executors because you did not want to hurt anyone’s feelings, you may wish to let them know they can choose to decline the role and let the alternate serve. This is known as “renouncing” the role of executor and means that a named executor can decline the appointment and let the other executors, or alternate executor, serve instead. Renunciations are common where multiple executors have been named in a Will, since inefficiencies and logistical challenges can occur when 2 or 3 people have been designated as co-executors. Renunciations also occur when a first named executor has moved out of state, is sick, or otherwise not able or willing to take on the responsibility of administering your estate. Renouncing does not mean that the executor is giving up their share or the right to receive distributions from your estate.
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