One of the most important steps you can take when protecting your assets for future generations of your family is to create an estate plan with a living trust and pour-over will. However, the planning does not end there. Your next big decision, which can be the difference between a quick and efficient estate settlement process or a long and arduous one, will be choosing a person to serve as the executor.
Both a will and trust require a person to be named the executor of the estate and oversee the process while acting as a liaison between the attorneys and the family. An executor generally takes responsibilities for managing the decedent's estate by collecting and distributing assets to beneficiaries waiting to receive their inheritance. Picking the wrong person as executor can lead to various issues like estate delays, tax problems, or even estate contests.