An executor ensures the wishes of a testator (the person who drafts a will) are fulfilled – they manage and settle the estate. Thus, they play a critical role.
You need to choose the right person to administer your estate so it can benefit your beneficiaries. Here are four factors to consider when choosing an executor:
Trustworthiness
You should choose an executor you trust. With the sensitivity of their duties and the confidential details they will have access to, you can’t choose someone whom you doubt has your best interests in mind. You need to be sure your chosen executor will do anything in their power to protect your wishes
Willingness
Name someone willing to act as an executor. This is why a testator should inform a chosen party beforehand as opposed to them finding out when required to assume their duties.
Your chosen party should have time to learn more about their expected responsibilities before giving you a response. Naming someone that you know is willing to serve can give you peace of mind, as you won’t need to worry about them not accepting the appointment when the time comes.
Financial experience
It’s vital that your executor has some financial experience since they will be handling the financial details of the estate – they will manage your properties, pay debts, file tax returns and so on. If your chosen party does not have financial experience but possesses other great qualities, you can connect them with your financial advisor to help them obtain the needed knowledge.
Age
Although anything can happen to your executor at any time, consider naming someone you are not likely to outlive.
Naming an executor is a crucial part of estate planning. Legal guidance can help you determine the most suitable party and validate your decision.