Your estate needs to have at least one person established who can take over the role of being the executor of the estate after you pass away. There are many people in your family and friend group that you may think would be suitable for this role, but before you select someone, remember that an executor has an important job to do.
An executor has to be able to manage the estate, identifying it and being able to responsibly inform creditors about your passing. They need to be in good financial standing and be prepared to work with beneficiaries and heirs, even if there is a dispute.
So, how do you select an executor for your estate plan? Here are a few ideas.
- Choose someone who is very responsible
Most people have one friend or family member with a reputation for being responsible. They may be someone who knows when to ask for help and when to take action to get a job done, for example. This kind of person is great as an executor, because they take action and make hard decisions when necessary.
- Choose a person who is young enough to survive you
You may currently want to have someone as your executor who is your age or a little older, but in the future, consider adding a backup who is younger. A younger, healthier executor is a better choice over someone who is in poor health or who may pass away before you.
- Choose someone who isn’t a drama queen
Finally, choose an executor who isn’t a “drama queen.” You want someone who is respectful and willing to work with heirs and beneficiaries if a problem comes up. This person may also have to go to court to represent the estate, so you’ll want to know that they are able to do this effectively. Don’t choose someone who isn’t tactful or who may not be kind, because they will just stir up drama for your loved ones.
These are a few factors to consider when you need to select an executor. Many people can fulfill the role, but there are some people who will do better than others.
