How to Choose the Executor of Your Estate

our estate includes any wealth you might have while living such as money, jewelry, real estate, art, etc. Your estate also includes your potential wealth upon death such as life insurance, IRA, 401K, bonds, stocks, savings accounts, checking accounts and so forth. You should choose someone you trust to carry out your requests. Here are a few tips on how to choose the executor of your estate.

Step 1

Consider your executor’s qualifications.  Your executor should be someone who is intelligent, dependable and organized enough to maintain financial records showing actions performed were in line with your request.

Step 2

Assess their availability. The person must have the time to perform required tasks such as filing probates, notifying creditors, and meeting with lawyers to obtain legal advice and guidance as appropriate.

Step 3

Consider the potential executor’s age. An executor must be 19 years old or older.

Step 4

Consider a family member.

If the estate is not complicated with vast wealth, consider appointing a family member that you can discuss matters with now. This ensures the person knows exactly what you expect.

Step 5

Choose more than one. Choose an alternate executor in case something happens to one and they cannot serve.

Step 6

Pay your executor. Executors are not obligated to serve on your behalf and many lawyers recommend you include in your WILL that the executor can pay themselves. You should also cap the amount they are allowed to pay themselves.

Step 7

Ask before delegating. Once you’ve chosen the person you want to represent you, ask them if they will serve as your executor. As stated previously, they are not obligated to serve, but once a person knows you want them to serve, they can discuss matters with you in depth to ensure your wishes are carried out properly.

(All rights reserved.)