In these uncertain times, you want to make sure that you have your estate plans in good order, and that includes making sure that you choose the right executor.
Your executor is the person who will ultimately be responsible for making sure that your final expenses are paid, your last tax return is filed, the instructions in your will are followed, and your heirs eventually receive what you want them to receive.
It’s a big job, so you want to make sure that you choose your executor carefully.
What are some good things to know when choosing an executor?
Ultimately, every situation is unique, so you have to consider your situation. Generally, however, you should keep these things in mind:
- It’s probably best to have one person in the position. If you have two adult children, you may think about having them split the job, but that can lead to conflicts. Even if they get along well, that would mean extra complications for your estate because they would both have to sign off on every stage of the process.
- You want someone who is organized and who knows when to ask for help. You don’t have to have a degree in economics to handle an estate, but there is quite a bit of paperwork involved. The ideal executor is someone who is efficient, organized and smart enough to know when they should get some professional assistance.
- The executor should be comfortable taking charge (without being hostile). People can get emotional about estates, and executors can be put under a lot of pressure by family members of the deceased to do things a certain way. A good executor knows how to stand firm without losing their cool.
- Your executor must be willing to handle the job. It’s time-consuming to be an executor. Make sure that the person you’d prefer to name is willing to do the work.
Getting your estate plans into shape can be hard. Experienced guidance can make it easier.