There are many important decisions to make when creating a will, with choosing an executor at the top of the list. This is the person you put in charge of administering your estate upon your death, based on the final wishes outlined in your will.
Even if you have a clear idea of who you want to name as your executor, you shouldn’t make a rash decision. Here’s why: this person will eventually be responsible for a variety of high level tasks. These can include but are not limited to:
- Reviewing your will to clearly understand the terms and conditions
- Filing paperwork to begin the probate process
- Taking inventory of your assets and debts
- Paying taxes and other final bills
- Distributing assets to your beneficiaries
In other words, there will come a point when this person has a lot on their plate. You must be able to trust that they have the ability to handle all these tasks, among others.
So, who should you choose?
Some people have a few individuals on their short list, while others are scouring to find the perfect person to name as their executor. Regardless of your situation, you want to focus in on those with the following characteristics:
- Truthful and honest
- Responsible with money
- Ability to work under pressure
- Good communication skills
Along with the above, it’s typically best to choose someone who is younger than you and in good health. Here’s why: if this person passes on before you, you’ll need to update your will with a new executor.
As you begin your search, turn your immediate attention to family and friends. This should give you a good jumping off point on your way to making a final decision.
If you require assistance creating your will and/or choosing an executor, reach out to us. We can help you with the finer details of the process.