An estate plan is set up to ensure that after you pass away, the distribution of your assets and belongings is how you intended. Once you have an estate plan set up, you need an executor to oversee the dispositions of your possessions and property, but who should you choose to handle this extensive task?
An executor may be tasked with continuing necessary payments, paying income taxes, wrapping up your final affairs and even contacting those who stand to inherit in your will. The executor should be someone who you trust implicitly.
Are they willing, qualified and capable?
You can probably weed out a few acquaintances or family members just by asking if they are willing, qualified or capable of handling the job. Always ask a potential trustee or executor beforehand, and give them the chance to say they are not up to the job. Consider someone who has experience in similar interests and hobbies as you do so the learning curve is not as extensive.
Should you choose a family member?
Sometimes it is just easier to choose a close family member. If there are discrepancies in the will or your family members are unhappy about what they are getting from you, this can cause tension in your family if the executor is a family member. While it may be easier to choose a close friend or family, consider other options if your family tends to be volatile or explosive.
Consider the length of time you will need the trustee
If you need the trustee or executor to continue doing the job for decades, the last thing you want to do is choose someone older. Choose someone who has the time and resources available for doing the job and handling your estate after you are gone.
Creating a will and choosing an executor can be a complicated, exhausting process if you are not sure where to start. If you are having trouble choosing an executor, consider speaking to an attorney immediately.
