4 things your executor should know

4 things your executor should know

When creating your estate plan, you will provide crucial information to relevant parties, including the government and your executor. The state government allows testators to register information regarding the execution of their wills, hence the end-of-life registry programs.

In addition to observing these programs, you should inform your executor about:

The location of your estate documents

Your executor should know the location of your important estate planning documents so they can access them easily when the time comes. Keeping your documents in a home file cabinet or safe can be convenient. However, if you use a safe, ensure your executor has a way to access them via key or combination.

Asset management

You should connect your executor with your financial advisor, tax specialist, appraiser and other parties you work with. This will help them obtain adequate information about your assets and the best ways to manage them before distribution.

You should consider employing technology in your estate. Having your assets in an electronic document where you can update data when circumstances change can make your estate more manageable. You can send this document to your executor when it’s needed.

Funeral preferences

If you have funeral preferences, your executor should know them. Of course, you can write down the instructions in a letter and sign it. However, discussing your wishes with your executor helps them understand your wishes clearly.

Will updates

When you update your will, your executor should be informed. You don’t need to tell them the changes, but they should know the existing will has been revoked. That can help prevent questions about the validity of your will, later.

Your executor should be informed about these matters and other crucial ones. It will be best to get legal help to make informed decisions.