Choosing the right person to execute your estate has the potential to make things much simpler for your loved ones and beneficiaries. The wrong executor could cause delays or far more serious problems.
Here are some things to look for when deciding who to choose.
The mental and emotional ability to do a good job
Someone who gets stressed about the smallest things may find administering your estate to be too much, especially if it’s someone close to you who’s grieving your loss. You want someone who can tackle things in the appropriate order, be thorough and have the people skills to deal with relatives and other beneficiaries, creditors and more. They also need to be mentally adept enough to carry out the sometimes-complicated tasks involved — although they can seek legal guidance to do it.
They can be trusted
Perhaps you consider asking your best friend. However much you trust them, if you know that your siblings or spouse have doubts over their integrity, it might be best to look elsewhere. Someone you trust and who is also unlikely to provoke uncertainty in others is best.
Available to fulfill the role
Many people trust their parents implicitly and greatly value their experience and wisdom. Yet they don’t choose them as executors since they are likely to predecease them. Choosing someone the same age or younger than you is typically wise.
Also think about where they live or will be living. Your sister may do a great job, but if she is planning to move to Australia, there’s a good chance she’s still going to be there years later, which would make fulfilling the role less convenient than for an executor who lives locally.
Once you choose someone and get their consent, you’ll want to learn how to document your choice in your estate plan. It’s also worth considering naming a backup, in case your first choice is unable to perform the role when the time comes. Having experienced estate planning guidance can help as you make and codify this and other decisions.
