Developing an estate plan is the first step but you still need to choose the right person to carry out those wishes. The right executor makes a big difference in the final stages of your estate plan and the distribution of your assets.
The choice of executor for your estate plan is one you should make after careful consideration.
1. Prioritize responsibility
The role of executor comes with a lot of responsibility. The executor you choose should have the maturity and capability to live up to those demands. Select an executor that you are confident in and who has a proven history of reliability.
2. Consider availability
It is easy to underestimate the amount of time demanded of an executor. As a result, you might appoint someone who already has more on their plate than they can keep up with, creating a serious time challenge. Choose an executor who will have the time to dedicate to the legal process and estate settlement without the commitment being a strain.
3. Opt for a younger executor
It is easy to choose executors who are your age or older when you are considering those who you trust. Despite that, you should consider naming an executor who is younger than you to reduce the risk of the named executor predeceasing you.
4. Choose someone legally eligible
Familiarize yourself with the court’s expectations for executors. In most cases, executors may not have a criminal record. A named executor must also be a U.S. citizen.
Choosing the right executor is a big decision. Think about these tips as you make your choice.