Making arrangements for your estate and other end-of-life duties are usually not easy to face, so choosing the right estate executor to take on these duties after you pass can offer you peace of mind that your heirs receive money, property and other assets without a lot of legal trouble. Kiplinger notes that executors can carry out a variety of tasks, including selling your property and settling medical debts.
If making a will is on your checklist for the upcoming months, there are several factors you might consider before you choose an executor to handle your estate.
Think outside the family
You might believe that choosing an executor is a matter of course because traditionally, there are usually several members who usually fill the role. You might consider several different individuals, including:
- The eldest adult child
- The most successful adult child
- The oldest sibling
While any of these relations could qualify as an executor, it is usually wise to think about whether any of them can meet the responsibilities required of this position. If none are responsible enough, consider a close family friend who is wise with money or your family attorney who already understands your financial situation.
Learn executor laws
Not every individual is legally qualified to serve as an executor, so understanding the legal limits of fulfilling this position before you make your will can help streamline the process. In most jurisdictions, convicted felons and those who do not hold United States citizenship cannot serve in this capacity.
Choosing the right executor for your individual situation can prevent problems after you pass, such as family infighting. Discussing the matter with those on your list of possible candidates may help you make the best choice possible.
