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Who is the right executor for your will?

On Behalf of | Feb 8, 2023 | Estate Planning

Creating a will and estate plan is the responsible step to ensure your loved ones are taken care of after you pass away. However, even if you spend weeks figuring out the best way to divide your assets and plan your estate, all this is worthless if you do not select the right executor.

When you choose an executor, you are naming someone to manage your property and distribute your belongings after you pass. They must also use your estate to file taxes and repay all your debts.

It is essential that you carefully select an executor who is trustworthy and organized. It is also important to make sure they can handle this job before naming them to it.

Finding the right executor

Sometimes, people look to their children when naming an executor. However, if you have three children and name just one of them to this role, it may cause conflict.

A better way to choose an executor is to choose someone you trust who can handle your assets and follow your instructions who is not a main beneficiary. Some people choose a trusted friend or even a co-worker for this job.

In other situations, using a professional fiduciary is best. This all depends on your needs, estate and situation.

Reviewing your biggest assets and situation will help you determine the best people for this job. Be sure to ask them if they can handle the role of executor, as it requires a lot of time and effort after you pass.

Selecting the right executor matters

When creating a will and estate plan, selecting the right executor is just as important as having the right documents in place. Do not skip this step or take the decision lightly. Knowing the legal obligations of the executor may help you choose someone who can handle the job.