FOUR TIPS TO SELECT THE RIGHT EXECUTOR
Feb. 2, 2019
Every detail matters when planning an estate. Between drafting a testament and creating trusts, you have to pay attention to every decision you make. Choosing the right executor is one of the most critical decisions you make while preparing your will.
The executor ensures your assets are distributed adequately without major problems between your beneficiaries. Without the right executor, your loved ones may suffer years in court battles due to the mismanagement of your estate.
Choose Someone with The Right Qualities
The first aspect to consider in an executor is personality traits. You will want someone who is honest, organized, and responsible and an effective communicator. The right executor will act responsibly and find the right people to help your estates, such as lawyers, financial planners, and accountants.
Choose Someone Who Will Stick Around
It’s critical to take into account someone’s age and health before selecting them as your executor. You will want someone who will outlive you and act on your behalf during the probate process. You may want to name a child or a friend who can be your executor, or have a trust company act as an executor as another option.
Choose Someone Who Lives Near You
You can name an executor who is not in the same state as you, but it requires additional steps. In Texas, you have to appoint another representative to act as the executor’s in-state agent, so it’s easier to name someone who lives in the same state as you. It also makes daily tasks more manageable for the executor.
Choose Multiple People as Your Executor
Most planners do not name multiple people as trustees due to family tension or possible conflicts. However, there are times when co-trustees may make the estate easier, especially when you have multiple children involved.
Luckily, you can always adjust your estate plans depending on the changing circumstances. Revisit the plans every few years to make any modifications before future problems arise.