Naming an executor is a critical aspect of estate planning. This person becomes responsible for handling matters after you die, so selecting someone up to the task remains vital.
Some individuals embody the characteristics that constitute a fantastic executor. When considering someone for the position, make sure the candidate you have in mind fits the bill.
Choose someone responsible
The person you select should be diligent and organized, as many estate-planning duties involve deadlines. You may not have someone close to you matching this description. If that is the case, look to a professional such as an attorney or financial planner whose job depends on neatness and motivation.
Choose someone with healthy finances
Many courts need bonding as assurance against executors taking off with estate funds. People who have deep debts may be ineligible, making them inappropriate selections. In most cases, it is illegal to check someone’s credit score. Instead, broach the subject gently with your prospective executor and see what you learn.
Choose someone who will not create drama
All too often, family members clash. If someone has an axe to grind with a beneficiary, holding a position of power could become an opportunity to exact revenge. One method of circumventing this situation is by naming co-executors, which should lead to seeking a balanced outcome. Otherwise, appoint an impartial soul.
Since you will not be present to check what happens with your estate after you are gone, selecting the best executor is paramount. Correctly making this determination takes knowledge, savvy and instinct.