When you ask someone to act as executor of your estate, you ask them to do you an immense favor. While they can reclaim some expenses, it’s effectively a voluntary role that will require considerable time and effort.
The least you can do is to make things as simple as possible for your executor – which should have the added benefit of making the whole process easier for your loved ones, too. The following are a few good ways to get started.
Revise your estate plan regularly
The last thing your executor needs is to pull out an estate plan that you last updated twenty years ago. Reviewing it each year gives you the best chance of leaving an accurate list of your current assets and wishes. Not one that is vastly out of date and will cause confusion and possibly inspire in-fighting.
Inform them of where to find what they need
Your executor did not sign up for a treasure hunt. They do not have time to guess where you hid your will, which company manages your life insurance policy or which creditors you still owe money to. Leaving them clear indications of where to find things will be much simpler. With that said, you might not want to give them access to some information, such as passwords, until after you die.
By seeking appropriate legal guidance, you can set up your estate plan in a way that will make things as straightforward as possible for your executor.