You’ve Been Made an Executor of a Will, Now What?

Being made an executor for someone in your life is an important responsibility and may feel a bit daunting. However, taking steps now to get organized and prepared can help the role feel more manageable, and ease the execution of necessary tasks when the time comes.

An executor is a person, named in a will, that is legally responsible for carrying out the wishes of someone who has died, specifically involving legal and financial matters.

Here is a list of some common responsibilities of executors. Note: not all of these may/will apply, and this should not be taken as legal advice. Everyone’s financial and legal situation is different, so I would recommend consulting with your estate attorney to better understand the specific actions you will need to take.

• Locate important documents.

• Request copies of death certificates.

• Make funeral arrangements.

• File the will in probate court if necessary.

• Set up an estate account.

• Notify organizations of the death.

• Pay off debts.

• Manage and distribute assets.

• File a tax return.

Here are some practical tips about being an executor that can make the future easier and empower you to feel prepared in the present.

• Understand what assets your loved one has. It will make distributing assets much easier if you know what does and does not exist. Have a list of accounts, logins/passwords, and locations of important documents (like will, trust, social security number, etc). Keep this saved in a secure location (such as a home safe or a safety deposit box at a bank) as this information would be dangerous if someone were to get access to it.

• If you haven’t already, sit down with your loved one and have a conversation about their desires for their estate. Understanding their intentions while they’re still around will make sifting through any grey area in the future much simpler (and might even give them some clarity on edits they would like to make).

• Your role as an executor of an estate, especially if it is someone you are close to, is “a grieving person” first, and “executor” second. There is no pressure to have all the answers right away. This may be a very difficult time, and you’ll need to give yourself space away from the financials to take care of yourself and your family. Consider checking out some of these resources on balancing your mental health and the role of an executor, they may have some helpful advice.

• https://trustandwill.com/learn/managing-grief-as-an-executor

• https://www.empathy.com/probate/handling-the-mental-toll-of-managing-a-loved-ones-estate

As a holistic and client-centered firm, we are happy to assist and give advice when complicated life situations arise, including managing a loved one’s estate, and talking through your own estate planning. If you’re looking to take the next step in managing your financial journey, schedule a call with us.

Tip of the Month: Sharing and Storing Your Estate Documents Wisely

Creating your estate documents is an essential part of a well-built financial plan but knowing what to do with those documents once they’re signed is just as important.

So, who needs copies? Where should they be stored? And what else should you be thinking about when it comes to organizing this important part of your legacy?

Here are some best practices to keep in mind.

What to Include

At a minimum, your estate plan should include:

• Last Will and Testament

• Powers of Attorney (for property and for healthcare)

• Any Trust documents, if it’s a good fit for your situation

• Advance Directives, such as a Living Will or Health Care Proxy

These are the tools your loved ones and trusted agents will rely on if you become incapacitated or pass away, so it's important that they're both complete and accessible.

Where Store Them and who should have them

Your attorney will likely keep the original on file, but we recommend the following:

• Keep your own original documents in a safe, secure, and accessible location, such as a fireproof home safe or a bank lockbox.

• Maintain electronic copies for easy access and sharing when needed.

• Make sure anyone named in your documents, such as your executor or power of attorney agent, has a copy or knows how to access one.

Just as important, make sure these people know where the documents are kept and how to access them. If the documents are in a lockbox, for example, they'll need to be listed as an authorized user. If stored in a safe, they'll need the code.

Think Beyond the Paper

Estate planning is more than just signing documents. It’s about helping someone step into your shoes during a difficult time. That person will likely be facing a number of logistical tasks, but they’ll also be carrying emotional weight. The more guidance you can give them, the better.

Try walking through your daily life and asking yourself: if someone else had to manage this, what would they need to know?

• What bills are paid automatically?

• Who should they contact for help?

• What accounts do you hold, and where?

• What devices or platforms hold important digital information and how can those trusted individuals access them?

More companies, including Google, are beginning to offer “digital legacy” features that allow someone you trust to access certain accounts after you pass away. These tools can be worth looking into as part of your broader planning. For more information about your digital legacy, check out our Tip of the Month on that topic.

Talk About It

The most important step you can take is simply to talk to the people you've chosen to help manage your affairs. These topics can be tough, but honest communication makes a world of difference.

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Intentional planning and proactive communication go a long way in supporting the people you trust and love. If you, a friend, or someone in your family is thinking about estate planning, wants help weaving legacy into their financial plan, or is managing the affairs of a loved one, they should know that estate planning doesn't have to be overwhelming. Whether it’s help organizing your documents, talking through your legacy wishes, or coordinating with your attorney, let’s start the conversation — Bluestem is here to help.