Creating an estate plan requires considerable planning. You need to consider how you want your assets distributed, your wishes regarding your funeral, and any special bequeaths of personal items.
Just as important is deciding who will be the executor of your estate. While some people may think naming an adult child is the best option, there are several things you should consider before making your choice.
The qualities of a good executor
The executor of an estate has several responsibilities, including:
- Carrying out the instructions in your will
- Paying any remaining debts and taxes
- Distributing assets to beneficiaries
- Managing any legal proceedings related to the estate
Considering the enormous responsibility required of an executor, there are specific qualities you will want to look for when selecting someone, such as:
- Trustworthy: You must be able to implicitly trust the person you choose, as they will manage your assets and fulfill your final wishes.
- Financial savvy: An executor doesn’t need to be a financial expert. However, they should have a basic understanding of financial matters, especially if your estate is large or complicated.
- Age and health: Since you want to ensure the person you choose will be around to fulfill their duties after you are gone, ideally, your executor should be younger than you and in good health.
- Location: Being an executor can be time-consuming, and many details may need to be handled in person. Therefore, it may be more convenient to choose someone who lives nearby.
- Willing to serve: Since being an executor may be time-consuming and stressful, it’s best to ensure the person you choose is willing to take on the role.
Choosing the right executor is one of the most critical aspects of the estate planning process. Considering your options and selecting the right person can significantly impact how smoothly and quickly your estate is settled.