Choosing an executor is one of the most critical components of creating your estate plan in Maryland. The person you name as your executor is responsible for distributing your wealth after your passing and making key decisions. When selecting your executor, you should ensure they have the right skills to do the job.
Duties of an executor
A large portion of estate planning involves writing your will, setting up trusts and other financial instruments so your beneficiaries will receive your wealth. Your executor will be responsible for gathering and distributing your assets to beneficiaries. This individual must also take your estate through probate, if necessary, to verify it. Additionally, your executor must notify any potential creditors of your death and pay any outstanding bills with the assets of the probate estate. This process may take six to nine months to complete.
Considerations for selection
When determining who you should name, ask yourself the following questions:
- Does this person have the time and inclination to deal with paperwork?
- Can this person deal calmly and fairly with heirs and creditors?
- Does this person have personal financial problems?
- Is this person able to juggle several tasks simultaneously?
- Does this person have financial or legal experience?
Focus on your needs and best interests
Every individual’s estate represents a unique situation. When before naming your executor, you should have an in-depth conversation with your designated person to see if they can assume the role. Many people name a trusted family member to act as their agent. However, if you don’t have anyone close to you that you can trust, you can also name a professional, such as a financial advisor or bank executive, to do the job. Keep in mind you can also name a co-executor or a successor if your original choice decides to resign from the position.
Review your choice periodically, along with the rest of your estate, to ensure your choices still fit your needs. You can change the terms of your estate as often as you wish.
