Simplifying an executor’s job

On Behalf of | Aug 10, 2017 | Powers Of Attorney

When Nevada residents begin the estate planning process, they are often concerned with ensuring that their assets are fairly distributed to their children and loved ones. Another consideration, however, is less obvious, and that is how to make the executor’s job easier.

The executor of a will is the person who ensures that the will’s provisions are carried out. Depending on the testator’s circumstances, the executor will liquidate the estate, pay off any creditors and then distribute the testator’s assets in accordance with what the will prescribes.

In an ideal world, the work of an executor is completed within a few months. However, complications, poor estate planning, and feuding beneficiaries can mean that it takes a year or more to settle the estate. This can be incredibly frustrating for the executor and can drain the estate of its assets.

People should be careful with their estate plan as a courtesy to their executor. They should update their wills regularly and provide their executor with a current list of beneficiary contact information and locations of all assets. The distribution of a testator’s property can be often be contentious, posing a major headache for executors. Someone who is planning an estate may wish to begin by distributing personal property among family members in advance or asking loved ones to indicate which family heirlooms they wish to have.

Most wills are required to go through probate, which in itself can sometimes be a lengthy process. People can help to avoid subsequent disputes by being as specific as possible in their wills and other estate planning documents. An attorney can often be of assistance in this regard.