Some people are lucky enough to have a list of viable options when considering who to name as the executor of their estate. Often a person will choose a child, but that is not always the case. An executor can be anyone you trust who is expected to outlive you.
Here Are 5 Questions That May Help Narrow Your List:
- Who Would You Call During An Ethical Dilemma? Choosing an executor who is ethical, above all else, is a great start. Your loved ones are counting on this person to make the right decisions.
- Who Is Good At Money Management? When you think of possible executors, do any of them stand out as being good with finance?
- Who Has The Time? The responsibilities of an executor are significant. Ideally, an executor is someone with the flexibility to take on a sudden influx of tasks. This is likely not the person in your life whose 60 hours a week schedule means that they always miss family functions.
- Who Can Be Counted On To Keep The Peace? Grief leads people to act in unpredictable ways. A great executor is known to diffuse tension and keep the ball moving forward.
- Who Keeps Their Life Organized? Who could find their property taxes from last year if you asked them to? An executor will have a long list of tasks to accomplish, many of which have deadlines. Organization is key.
As you look at this list, does any one name rise to the top? The bottom line is, it is prudent to be open-minded when considering who to name as executor of your estate. When in doubt, consult someone experienced in estate planning to provide additional guidance.