The matter of estate administration is something to take into consideration when you are making preparations for the inevitable. Who would actually handle the hands-on tasks that will be involved in making your wishes come to fruition?
When you use a last will to direct future asset transfers, the executor or executrix will be the individual who is charged with these responsibilities. The duties can be quite extensive if you have a great deal of property that must be prepared for distribution among multiple heirs.
For this reason, you want to choose someone who has some business savvy and the time that it takes to administer the estate effectively.
You also have to make sure that your representative has all the pertinent information that he or she will need to be able to conduct the affairs of the estate. This is going to include all of your financial data and other practical information such as the location of keys to property and access to online accounts.
It is a good idea to record all of this essential data in a file of some sort and update it as things change. If you create an electronic file, you may want to keep a hard copy backup or back it up in the cloud to make sure that this information still exists if something was to happen to your computer.
Make sure that you keep this information very secure and let your representatives know exactly where it can be found.
