You may have an estate plan that clearly outlines your final wishes, but choosing the right executor is just as crucial. Get it wrong, and your carefully made plan could be thrown in disarray.
First, it helps to understand just what an executor does to see the importance of their role and the responsibilities you are bestowing upon them. In a nutshell, an executor is responsible for managing your estate once you’re gone and carrying out the instructions you left behind.
The executor will pay off your outstanding debts, handle other administrative tasks related to your estate and distribute assets to beneficiaries. They may also have to handle any disputes that arise among the parties involved, be they creditors or your heirs.
What should you look for in an executor?
Your estate’s executor should be someone you trust to carry out your final wishes and act in the best interests of your beneficiaries and estate. They should also be willing and available to take on the responsibilities. You do not want to pick someone who will change their mind when the time comes.
Consider their age and health. You want someone likely to outlive you and remain in good physical and mental health to fulfill their duties.
While not mandatory, it would help if your executor has some knowledge or experience in legal and financial matters. If your estate is complex, with multiple assets, properties or business interests, you may want to choose an executor who can handle such complexities.
If you are unsure of or unsettled about your choice of executor, it is prudent to seek experienced legal guidance to avoid making a costly mistake. Understanding your options for whom you can choose to play this crucial role can help you make a more informed decision.
