You put a lot of time into creating a comprehensive estate plan that will give you and your family peace of mind. Don’t make the mistake of choosing the wrong executor, as doing so puts your entire estate at risk upon your death.
Choosing an executor of your will is easier said than done. While some people assume they can name anyone and everything will be just fine, you need to put more time and effort into the process.
Here are five things you should think about when choosing an executor:
- List out your options: If you have several people in mind, list them out along with the pros and cons of choosing each person. This gives you a clear idea of what each person has to offer, thus allowing you to make a confident final decision.
- Focus on health and age: It’s not always easy to think about, but there are people in your life who are likely to pass on before you. A person’s health and age should be taken into consideration.
- Expertise is important, but not the only thing: It never hurts to choose someone who has financial or legal expertise, but this isn’t required. You can choose almost anyone to act as your executor, as long as they are responsible and willing to do whatever it takes to make sound decisions upon your death.
- Name more than one executor: To play it safe, you may want to name a back up executor. This person will step in to handle your estate should your primary executor not be able to complete their duties.
- Review your choice often: Don’t select an executor and leave well enough alone. As time goes by, you’ll want to consider if this person is still the right choice. For example, if your original executor is fighting a serious illness, you may want to make a change.
With these tips guiding you, it’s much easier to choose the right executor of your will.
There’s nothing easy about probating a will or administering a trust, so think long and hard about who’s able to step in and handle the process. You don’t want to make a mistake that will impact your family after you’re gone.