As part of your estate planning, you should pick someone to serve as your estate executor. With the right individual overseeing your estate, your heirs may receive their inheritance without a prolonged period in probate. To stand a better chance of avoiding delays, your choice of executor might take some early actions before your death.
The Motley Fool describes some of these actions that may help your estate. Consider sharing this information with your executor candidate so that he or she can get started with these early steps prior to taking over your estate.
Review a copy of the will
Once your executor candidate agrees to the role, you should provide a copy of your will. This is so he or she can become familiar with your estate and how you want your assets dispersed. An early review may be important if your executor does not know each of your heirs personally or is unfamiliar with your property or finances.
Take notes on the will
Your executor may have questions about your will. If he or she does not see your will until after your death, you will not be around to explain any unclear details. With an early review of your will, your executor can take notes to emphasize key parts and pick out areas of confusion such as requests that seem unusual.
Ask for locations of important papers
Your executor may also lack important information after you die. For example, you may have stored ownership papers or other estate documents in a safe deposit box. Your executor should know about these locations before your death.
Additionally, your executor should ask about who to contact after your death, including family members, your attorney or your financial advisor. In short, if your executor needs to know who to talk to about your estate, make sure he or she can access the proper contact information before your death.
