Choosing an executor of your will is easier said than done, as you realize that the decision you make today could have an impact on your estate and loved ones in the future.
For this reason, you need to think long and hard about who you choose as the executor. While you don’t want to put this off, you need to take as much time as necessary to compare your options with the idea of making the best decision.
If you don’t choose the right executor, it’s possible you could be inviting arguments and disagreements in the future, such as those amongst your children.
Here are some of the many duties your executor will take on:
- Distribute assets based on the terms and conditions of your will
- Pay bills, including any outstanding taxes, associated with your estate
- Maintain property until the estate is completely settled
- Make all necessary court appearances
As you can see, there are many responsibilities of being an executor, so you must make sure to choose someone who is comfortable handling all of these things.
While you can name almost any legal adult as the executor of your will, most people consider the following:
- Spouse
- Adult child
- Sibling
Some of the qualities you should look for in an executor include: honesty, good communication skills, organization, and the ability to not be swayed by outsiders.
Since your executor has the right to decline the responsibility, you may want to name an alternative executor. This person steps in should your original executor be unwilling or unable to complete his or her duties for any reason.
Before choosing an executor make sure you ask the person if he or she is willing to accept the responsibility.
You will make many important decisions when creating an estate plan, with naming an executor of your will at the top of the list.
Once you have an idea of who could fill this role, it’s time to compare the pros and cons of each person. In the end, it’s up to you to choose an executor whom you can trust to do the right thing upon your passing.
