How to Choose the Right Executor of Your Estate
Selecting the right executor of your estate ensures that your assets are handled in a preferred manner after death. Final debts will need to be paid and assets must be divided, and these are just a couple of the critical tasks an executor will perform. Choosing someone committed to seeing your requests through and responsibly managing your estate requires thoughtful estate planning by selecting someone you feel can be trusted.
Are There Requirements a Colorado Executor Must Meet?
Few requirements exist to be an estate executor in Colorado. While some states exclude convicted felons from serving as executors, Colorado has no laws against it. The individual you choose must be:
- A minimum of 21 years old
- Be considered of sound mind by a court
Colorado does not place restrictions on out-of-state executors, but it is recommended to choose someone who lives close by so that working with any professional services required to execute an estate is simpler. On rare occasions, if the court determines an executor to be unacceptable in court proceedings, it can reject an executor and decide on an acceptable executor for the estate.
A Colorado executor can be a friend, family member, trusted business leader, or professional you have confidence in, and it is vital to never delay estate planning.
What May an Executor Be Required to Do?
The tasks an executor must perform will depend on the needs of the estate. The size of an estate can determine the complexities of its responsibilities. An executor will become familiar with the intricate financial details of your life.
Their duties can include:
- Working closely with attorneys and accountants
- Maintaining detailed records for the court
- Controlling bank accounts
- Overseeing insurance policies and retirement accounts to be paid to beneficiaries
- Overseeing personal property
- Paying estate taxes
- Finalizing business interests
Beneficiaries will also engage with the executor during asset distribution.
What Qualities Should an Executor Possess?
Being an executor requires various skills, very much like a good employee. It is necessary to revisit the choice of executor from time to time to ensure the person still fits the needs of the estate. It is also beneficial to name a backup executor if a health impairment or death prevents the person from acting in this role.
An executor should be:
Excellent at Communicating
Your executor will come in contact with many individuals and relay critical information. Additionally, an executor can encounter combative family members with argumentative natures. The executor needs to remain a calm and clear communicator during every conversation and in email correspondence.
Though an executor does not have to be from Colorado, it is beneficial when court dates arise, property needs to be looked after, and mail needs to be checked. Many tasks can be performed online, but many critical duties require someone to show up in person.
Personal gain is not the objective of an honest executor. Their primary goal is to ensure your wishes are respected and that each beneficiary receives what you want them to have.
Settling an estate can require working with multiple legal documents. Paperwork is part of any executor’s role. Documentation is necessary, and the person chosen to be an executor should have superior organizational skills.
Contact the Colorado Estate Planning Law Center
Estate planning can feel like an overwhelming task, but the process is made simpler when a knowledgeable, trusted team from the Colorado Estate Planning Law Center works to ensure your estate wishes are correctly executed. Call (303) 420-2863 or contact us online to begin essential planning. We are glad to serve Arvada, Denver, and Golden Colorado residents today.