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Things to consider when choosing the executor of your estate

Many people in Brooklyn do not give much consideration to who they choose to act as their estate executors. They choose family members and friends because they do not believe they will ever need them to fulfill those roles, and they are not aware of what is involved. Executor designations are not decisions that should be made lightly. It is important for you to choose someone you know and believe will act in good faith on your behalf. Here are some things you should consider when choosing an executor for your estate.

Time involvement

Many people assume that estate administration is not a lengthy process. The average amount of time it takes to properly manage an estate ranges from 12 to 18 months. But it can take considerably longer if there are complications, such as disputes, trouble locating heirs and mistakes in accounting. The person you choose as your executor should have the time to manage and administer your estate properly, even if it takes longer than expected.

Responsibilities

Your executor is going to be responsible for making all financial and legal decisions on behalf of your estate. You should try to choose someone that has knowledge about the processes they may need to follow, good financial management skills and common sense. You may want to consider a third party corporation, accountant or some other professional instead of close friends and family.

Review and update

Whether you are making your will several years in advance of your retirement years or during them, you should review your choice for executor often. As time passes, you may change your mind about who you want to serve as your executor. If you fail to document your new choice for executor in your estate plans, the person listed in your will is the one who assumes responsibility for your estate.

Multiple executors

There are situations where it is more beneficial for you to have more than one executor. One common situation where having multiple executors may be helpful is when there are several surviving adult children. Some people who have at least two or more adult children choose to make them co-executors to prevent conflict, arguments and hurt feelings.

Take your time when choosing an executor for your estate. You should also consider selecting a few other people or entities to act as successor executors in case your original choice is not able to commit to the honor. Estate planning issues and executor selections are often complicated matters to handle alone. You should speak with an attorney about your situation so you can receive guidance about your options.

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