When you pass on, your executor will step in to handle a variety of responsibilities. Think about it this way: This person will now do all of the things that you used to do for yourself.
For many people, naming an executor is a challenge because they must come face-to-face with the idea that they’ll one day pass away. However, since you want to do the right thing for you and your family, choosing the right executor is a must.
Here are some tips to help you make a confident decision:
- Choose a responsible and honest individual: You must be able to trust your executor to make responsible decisions based on your final wishes. If you can’t, you’ll always have doubts in the back of your mind about the person you’ve selected.
- Consider their age and health: As a general rule of thumb, you want to choose a younger and healthy executor. If this person passes on before you, they can’t do the job. This will lead you to have to make a change in the future.
- Find someone with good financial acumen: A person who has their own financial house in order is someone who is more likely to organize and manage your finances in the same manner. You don’t want to choose someone who has gone through bankruptcy, lost their home to foreclosure and/or has mounting credit card debt.
- Personality matters: It’s not the most important thing to look for in an executor, but you want someone who will be able to get along with others, such as your beneficiaries. If your executor isn’t able to act in a respectful and cordial manner, there’s a greater chance of tension.
- Not everyone qualifies: For example, minors are not eligible to serve as executors, so don’t name someone under the age of 18. The same holds true for anyone with a felony conviction on their record, as well as non-U.S. citizens.
With these tips, you’ll find it easier to narrow your list in hopes of choosing the right executor of your estate. And once you make a confident decision, you’ll realize that your estate is in good hands upon your death.