You understand the importance of planning your estate and taking care of your loved ones after you die, but you need help to accomplish your estate planning goals. The person you choose as your executor may help or hinder your objective.
Kiplinger offers suggestions for narrowing your options for the right executor. Learn how to make a decision you feel comfortable with for yourself and your beneficiaries.
Current financial health
As you think about executor candidates, consider individuals with healthy financial habits. The person in charge of your estate handles your assets, and you likely want her or him to manage those assets with good financial sense. If any of your candidates filed for bankruptcy or have massive debt, you may want to reconsider them.
An executor’s level of responsibility must extend beyond finances. Consider people in your life who follow through with their promises, demonstrate solid judgment and understand right and wrong clearly. If you cannot think of anyone like this, you may appoint a financial or legal professional as your estate executor.
Think about your executor’s age. In case your original choice for the role dies before you, name a young successor executor to take up the mantle. You may only have a single will for your entire life, and the executor named on that document may not live long enough to carry out the role’s responsibilities.
You have a lot to think about while compiling your estate planning strategy and a team to carry out your end-of-life desires. Hopefully, you now feel you have all the tips necessary to choose an ideal executor to take care of your legacy.