The person you name as executor of your estate will face what can be a daunting job, so choose wisely.
Things such as liquidating accounts, ensuring your assets go to the proper beneficiaries, paying any debts not discharged (i.e., taxes owed to the IRS), and even selling your home could be among the duties undertaken by the executor.
“You want it to be someone you trust, someone who’s financially savvy enough to understand things and can deal with the beneficiaries,” Gross said. “It’s a big job.”
In other words, just because you’ve known your best friend since elementary school doesn’t mean handling the challenge of being an executor is up her alley. Same goes for a trustee, if you set up a trust.
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