If you are preparing to draft your last will and testament, you must name the person who will serve as executor and carry out your wishes.
Administering an estate on behalf of a decedent is hard work. Here are four points to consider when choosing your executor.
1. Financially responsible
An executor has many duties, one of which is to sign checks and possibly manage investments. The court may not approve your choice of executor if he or she has a criminal past. Someone with good financial standing and good credit history is the best candidate for the job.
Your executor will not only pay your bills, file your taxes, care for any property requirements and distribute your assets, other less apparent tasks are waiting. He or she may have to order a dumpster, for example, when clearing out your effects and ensure that no relative comes to pick up furniture items before distribution actually occurs.
3. Good decision-maker
Probate is usually a lengthy process. Your executor must follow the instructions of the court in a certain sequence. However, he or she should also be able to make common-sense decisions and not hesitate to ask for help from professionals, such as an accountant, an appraiser, and, especially, an attorney. The executor must not make any legal missteps.
4. Second choice
Once you have your first choice in mind for the role of executor, think about naming a successor. It is best to choose someone considerably younger who will likely be around in the event the primary executor should die, become mentally incompetent or simply decide not to serve.