When it comes to estate planning, selecting an executor is one of the most important decisions you can make. This individual will be responsible for carrying out your final wishes upon death per your wishes and the law.
It’s essential that you choose someone who has financial knowledge, organizational and communication skills, and prudent decision-making capabilities.
What makes a good executor?
An executor must understand all aspects of the estate, from accurately accounting for assets to paying creditors and distributing money to beneficiaries. It may also involve filing complex legal documents, interacting with professionals such as attorneys and accountants, and dealing with potential disputes.
Furthermore, executors must act ethically, competently, and quickly in completing their duties. Age, experience, and knowledge of how to handle legal procedures are all factors that should be considered. It’s important to note that a person has to be at least 18 to carry out the duties of an executor.
You should also develop a backup plan in case the primary executor of your estate cannot fulfill their duties. Having a backup executor also provides peace of mind knowing that someone else can step in and handle any issues with your estate if needed. It’s essential to choose someone reliable, trustworthy, and knowledgeable about estate planning so they can help ensure that everything goes smoothly.
When choosing an executor for your estate, you will want to use due diligence before deciding. Having an executor who is dependable and trustworthy will provide peace of mind to you and your loved ones. While many people consider a family member for this duty, sometimes it may be better to choose an impartial third party to carry out your final wishes.