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Tips for choosing the executor of your estate

On Behalf of | Sep 8, 2021 | Estate Planning

Being able to choose the executor of your estate can be one of the most important benefits of the planning process. The responsibilities of the role may be somewhat complex.

It is best to avoid having your estate go through probate and leaving who will serve as executor up to chance. Instead, you should give careful thought to who would be up to the task and try to make the best possible choice.

Pick someone who can make a commitment

The duties associated with executing an estate may be ongoing. It is preferable to have an executor who is not constantly on the move or overly occupied with a demanding job schedule.

Make financial competency a key consideration

Overseeing the distribution of a will or trust can entail managing several accounts and making payments to numerous parties. An executor does not need to be an accountant or banker but should have basic financial literacy and stable personal finances.

Keep an eye towards minimizing contention

Ideally, the person who you choose should be someone who all of your immediate family and estate beneficiaries do not feel animosity. Appoint a person with whom they can communicate easily.

Choose a backup

A person may decline to serve as your executor. Also, it is possible that the person you select could become incapacitated or pass away before you. It may be advisable to include a secondary appointment.

Having the right executor may be an invaluable help to your loved ones. It could help spare them from stress, delay, or financial uncertainty.