Once you are gone, one of the biggest decisions you make when estate planning is determining who to put in charge of the estate. The position of Executor is not something to take lightly and can be a hard decision when multiple children or other loved ones are involved. Below are several tips to keep in mind when assigning the role of Executor to someone you trust.
Financial independence
One of the most important things to consider when establishing an Executor is that the person is financially sound and independent. Giving this responsibility to someone in financial distress will not garner the trust of insurance companies. Should the bonding company see this person as a financial risk, the court may not honor your decision.
Be objective
If the estate’s beneficiaries are siblings that are dueling, it is best to have an objective party be named as the Executor. By naming one child over the other as Executor during a time of turmoil, the potential for revenge and poor decision-making is at an all-time high.
If there is currently extenuating drama or potential drama brewing between your family members, it may be in your best interest to ask someone outside of your family members to take on the role. Objective Executors do often require a fee for these services.
Responsible personalities
When you are considering your Executor, it is critical to only list those who have the ability to be responsible. This is the most important attribute of an Executor, no matter what their career path may be. Being able to address the issues that arise with your estate is of the most importance.
If you do not have a friend or family member that you feel is responsible enough for the task, you can hire an accountant, bank/trust, or attorney to act as an executor. When paying for these services, you can often expect them to be more responsible and treat this just as important as any other job.
Make the right choice for your estate
Just because you have a child, loved one, or family member who believes they should be listed as the Executor, does not mean you must declare them as the Executor. Choose someone who meets all the above qualities of a successful Executor and perform your tasks as you would have done them.
