Whenever you are working on your estate planning, it’s always a good idea to think about who is trustworthy enough to take care of your estate when you are gone. You want to choose an executor that is both reliable and honest so that you know your family will be looked after when you pass away. Choosing an executor can be a daunting task if you aren’t really sure what you are looking for. That’s why we’ve put together the following article to help you choose the right executor for your estate. Remember to reach out to Derryberry & Associates LLP for assistance if you are trying to work through your estate planning. We can pair you with a professional estate planning lawyer that will walk you through all of the steps to make sure your estate plan is flawless.
1. Pick Someone That is Responsible
The first tip for choosing the right executor for your estate is to pick someone that is responsible. You don’t want to pick someone that can barely handle their own personal affairs. You need an executor that can act quickly, logically, and effectively communicate with beneficiaries throughout the entire process. If you don’t have anyone in your family or friend group that is responsible enough to handle being an executor, you can always pay for an attorney, financial advisor, or trust company to be the executor. Make sure you put in the time to find someone that will be a good fit for an executor.
2. Confirm That the Executor Will Have the Time
Another important concept to consider when you are choosing an executor is the amount of time it will require on their end to fulfill their responsibilities. Choosing someone that has lots of kids, their own company, or other time-consuming responsibilities in their life might not be the best decision. Try to elect someone that will be able to make time to handle their duties as an executor. The last thing you want is to choose someone that won’t take their duties seriously due to time constraints.
3. Choose Someone that is Emotionally Stable
Being an executor of someone’s estate is a hard job. There can be times when multiple beneficiaries are rushing and trying to influence the actions of an executor. Grief is always a factor for an executor as well. You want to choose an executor that is emotionally stable so that they can get the job done without letting their feelings affect their decisions. The best executors understand that they will need to put their emotions aside and sacrifice their time to get things resolved the right way.
4. Don’t Worry About Location
You might be under the impression that the location of your executor should have an impact on your decision. The truth is that location really doesn’t matter when you are choosing an executor for your estate. Most of their tasks can be handled regardless of where they live, which means location shouldn’t be a big factor in your decision.