The Most Important Thing About Choosing An Executor

The Most Important Thing About Choosing An Executor

Choosing an executor for your will or estate is necessary to make sure your wishes are carried out after your death.

Not only should your executor be responsible, but they should also know how you think. Sometimes, we overlook certain parts of our estate, either because they seem insignificant to us or because they simply slipped our mind. Should this happen, your executor will be expected to provide a resolution. For this reason, having someone who knows you well ensures that your wishes will be followed.

Another thing to consider when choosing your executor is their availability. Perhaps you have three kids and you consider your eldest daughter to be the most responsible. However, your eldest daughter has a very demanding job and lives out of state. Your youngest daughter, on the other hand, lives close to you and is more available. Your youngest daughter may be the better choice to be your executor. Also, if you have a living trust, which allows you to make updates and changes, you can always change your executor if your eldest daughter's situation changes to accommodate such responsibilities.

Now, the good news is that the person you choose as executor does not need any special skills or knowledge. They do not need to be well-versed in probate laws - your estate planning attorney will handle that for you. If your estate plan consists of a Simple Will instead of a Family Wealth Trust, however, you'll want to choose someone who's patient as the probate process can be lengthy and demanding.

In addition to distributing your assets, your executor will also be responsible for paying your creditors, contacting other interested parties, organizing important documents, and paying taxes.

The most important thing to remember is that your estate plan should leave very little doubt as to your intentions regarding your estate. That said, equally important is to choose an executor who can handle the responsibilities of dividing your property. And to avoid potential problems and disputes, try to choose someone who can mediate between family members.

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