Right Executor for your Will
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7 Tips for Choosing the Right Executor for your Will

by Eric

Choosing an executor is among the most important decisions you can make when you are creating your will. The Executor will ultimately be the person responsible for fulfilling your final wishes and settling your estate.

According to the experts at GoodTrust, “The executor should be a responsible person with a good financial standing, who is emotionally grounded enough to neutrally handle your wishes.” As such, making sure you choose the right Executor is critically important. Here are seven tips to make sure you get it right. Read more about

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  1. Make sure you talk about it with the person ahead of time. Make sure they fully understand the requirements of the job, have ample experience to deal with the distribution of your estate and are willing to do so.

Having someone reject the role of executor could be a big problem for your estate and survivors, and it is a problem that is avoidable with a simple phone call.

  1. Make sure the individual in question has the appropriate financial skills to manage such a transaction. Serving as executor will mean distributing money, writing checks, and closing accounts. In other words, this is a position that requires real financial skills.
  2. Consider the age and health of the person you are appointing. If you are concerned about either of these factors, consider appointing a secondary executor to take over the position in the event that your first choice is either unable to fulfill its responsibilities or passes away.
  3. Consider someone who can resolve conflict. Hopefully, the distribution of your estate will be a drama-free event. If you are concerned that it won’t be, selecting someone who is capable of resolving these issues becomes even more important.
  4. Make sure it is someone who is familiar with local laws, customs, and culture. They don’t have to be located in the same place as you, but they should be with someone who knows the legal system of your area.This can help ensure that there are limited problems for people as they try to navigate your local legal system and deal with local businesses and banks.
  5. Make sure it is someone who will have the time to manage your affairs appropriately. If you have a bank CEO who would be wonderful at the job, great, but if they don’t have the time or capacity to serve as your executor, naming them could be a disaster for your estate and survivors.
  6. Consider compensation. If it’s someone you know and trust, and someone who cares for you, compensation may not be necessary.
    However, if your estate is particularly complicated, this may be necessary. Regardless, make sure that the issue is settled before you make an appointment.

All of these tips are good starting points, but you should also make sure that you have a longer conversation with your attorney and heirs before finalizing the choice of an executor. Doing so can help to alleviate any potential problems in the event of your death.

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