One important step for people in Nevada who are creating an estate plan is choosing the right executor. This person will be responsible for locating the will and other important documents, inventorying assets, paying taxes, distributing assets and doing any other tasks required to manage the estate. It is a responsibility that could last for two years or more.
An effective executor should be responsible, organized, meticulous and trustworthy. In some cases, an executor may also have to manage disputes between family members. Unfortunately, some people do not take these qualities into account when they appoint their executors. They may think of it as more of a ceremonial role and appoint close friends or family members who are not the best people for the task.
Even if the right person is appointed, problems can still arise. If a parent appoints one child as executor, the other children could resent the choice. An alternative may be to appoint co-executors instead of a sole executor, but this can create problems as well. If there are two executors, they might be required to agree on certain elements before they can move forward, which may hinder the process.
Talking to loved ones about their estate plans and who they are appointing as executors and why may help people mitigate some of these problems. A person should also discuss the estate plan with the individual he or she appointed to be the executor. This helps ensure that the executor understands all aspects of the job and gives him or her the opportunity to ask any questions. It might also be helpful for a person to show an executor where important documents are located. An executor can work with professionals, such as an attorney or financial planner, during the estate administration process. Executors should also track expenses since these may be reimbursed from the estate.