One of the most important aspects of establishing your estate plan is choosing the right executor. This person will pay your remaining debts, maintain your property and distribute your assets to the proper heirs. Since this job is a huge responsibility, you must be selective in who you choose. Here are some tips for appointing the right executor.
Choose Someone Who Is Financially Stable
Before you appoint someone as executor, find out about the person’s financial standing. Does this person have a good credit score? Has he or she ever filed for bankruptcy? People with major financial issues may not be able to get bonded. If the bonding company thinks that an executor is a bad financial risk, the court may not allow the person to serve.
Select a Communicative Person
The executor you choose should also possess excellent communication skills. He or she will have to provide frequent updates to beneficiaries about the status of the will. The executor should be able to clearly explain everything that is happening and return voicemails and messages in a timely manner.
Appoint an Organized Person
There’s a lot that goes into settling an estate. From contacting creditors to filling out paperwork, an executor has a lot on his or her plate. That’s why it’s important to select an executor who is organized. This person should be able to juggle several tasks without getting flustered.
Pick Someone Trustworthy
Your executor will be in charge of all your assets after you’re gone. You need to be sure that this person handles your assets properly and distribute them how you wish. If there is any concern that a person won’t follow through with your wishes, you should not name that person as your executor.
Choose Someone Relatively Young
Age is another important factor to consider in an executor. Ideally, you’ll want to choose someone younger than you because he or she is likely to outlive you.
Even if you think a certain person would be a great executor, it doesn’t mean that he or she is up for the task. Being an executor is a huge responsibility and not everyone has the time or desire to do the job. As such, you should ask the person for approval before officially naming him or her as your executor.