An executor of a will has many important responsibilities they must handle. This person will assume your role in financial matters after you are gone to ensure debt repayment, disperse inheritances, and other tasks.
Because the role is so crucial to your estate and heirs, you must choose your executor carefully. Kiplinger recommends the following tips to select the best executor for your estate.
Look at the person’s financial stability
Successful management of financial matters is a huge indicator of responsibility. A person who dutifully pays their own bills and manages their money responsibly is more likely to do the same with your estate. Conversely, a person who is in debt and impulsive when it comes to finances is likely to make poor decisions and put your estate in jeopardy.
Make sure the person is eligible
Certain people cannon assume the role of will executor. This often includes people who are not U.S. citizens, as they cannot carry out certain financial duties legally. In most cases, former felons are also excluded from the field of contenders, as are people under the age of 18.
Consider the person’s age
Your executor must be available, and of sound mind, when the time comes to oversee your will. If you choose a person who is your age or older, their age could pose a risk to your estate. While you can still make your original selection, consider choosing a younger executor to fill in if the first choice is not available.
Most people choose friends and family to serve as the executor of their wills. Make sure the person you select is responsible enough to carry out duties, while also remaining compliant with your wishes.
