Documents such as wills and trusts are a very important part of estate planning. They provide instructions on how an individual’s assets will be addressed upon their death. However, documents are only one part of the process. The individuals tasked with carrying out the instructions in those documents are also vital.
The person responsible for executing a will is the executor. This is an important role that requires the executor to possess some specific traits. Here are some important points to consider.
Core qualities of an executor
It’s important to first assess the core qualities of an executor. Are they someone you can trust? Are they impartial (or will they favor one beneficiary over another)? Are they financially savvy? These are all important questions to ask before taking any further steps.
Are they up for the job?
Even if you have identified the appropriate person, they need to be willing to do the job. Executing an estate requires a lot of work, particularly if it is a high-asset estate.
Another factor that you’ll need to consider is the person’s age and health. Ideally, you want to nominate someone who is highly likely to outlive you. Make sure you discuss this with your prospective executor before making any concrete plans.
Options in your estate plan
One important thing to remember about your estate plan is that you can always change your mind. You can change your executor and you can also name alternates. Having a look at your estate plan every few years, or whenever your circumstances have changed, is a wise idea. Seek legal guidance any time you plan to do this.
