When creating a will, it’s only natural to turn your attention to your assets and who you want to name as your beneficiary (or beneficiaries).
While this is extremely important, there’s something else you need to think about: the executor of your will. In short, this person is responsible for ensuring that everything goes smoothly in regard to your will following your death.
You can name almost anyone as executor, but you don’t want to jump the gun and make a rash decision. Instead, here are some tips to follow:
- Make a list of all potential executors: With this in hand, it’s much easier to compare each person, thus making a confident decision.
- Choose someone who is young and healthy: You don’t want to choose an executor who is older than you and/or in bad health. It’s important that this person is around to take action when you pass on.
- Name a backup executor: This is important, as you never know what could happen to your first choice. Furthermore, this person has the ability to turn down the responsibility, even if he or she initially agreed.
- Talk it over: You should never name a person as the executor of your will until you first ask him or her if it’s okay to do so.
These basic tips can go a long way in helping you choose the right executor. Once you do this, you’ll feel better about what will happen to your estate upon your death.
There’s a lot to think about when choosing an executor, so understand your legal rights and make a decision based on what you think is best.
Source: AARP, “Choose the Right Executor or Trustee,” accessed April 12, 2018