Writing out your estate plan is an essential step to take, whether you are a young adult just starting a family or you are approaching retirement age. The most basic component of an estate plan is your last will and testament, but writing a will entails making one particularly important decision.
In your will, you must name an executor of your estate who will act as your representative after you pass away. Being an executor is a significant responsibility, though, so it is important to choose someone with the right qualities.
When considering someone as an executor, think about whether or not you have personal experience with this person that gives you cause to believe that they will handle your estate with care. A spouse or other close relative, for example, is someone you can likely trust unequivocally.
While your own feelings toward your chosen executor are most important, keep in mind that the ideal individual is someone who can also inspire respect in others. This is someone who carries themself with dignity and has the experience necessary to carry out their role with competence.
Amicable with the whole family
It is likely that you will choose a trusted relative as the executor of your estate. If this is the case, be sure to pick someone who is on good terms with the rest of the family. Grudges can lead to heated disputes in the probate process, despite an executor’s responsibility to remain impartial.
Many people opt to name their closest relative as the executor of their estate, but that person might not have every quality an executor needs. Carefully consider all your options and be sure that your chosen representative is ready and willing to accept the task.