Who will you entrust to administer your estate once you’re gone? That’s one of the most critical questions you’ll face in the estate planning process. When you die, someone will need to assume the role of selling your property, paying off debts, handling any outstanding lawsuits, and ensuring that your assets are administered according to your stated wishes—among other things.
This individual is called the executor of your estate, and it’s important that you name this person in your will. Who will your executor be? That’s ultimately up to you—but here are a few guidelines to consider.
Selecting the Best Executor for Your Estate
- First and foremost, pick someone who is responsible. Your executor will likely be paid a commission for his or her work, so pick someone who will earn it, doing all due diligence and pursuing these responsibilities carefully. To that end, you can pick a particularly responsible friend or family member, or you can pick an attorney, accountant, or bank trustee.
- It’s also best to select someone who is in good financial standing; after all, this is a person who will be tasked with carrying our various financial responsibilities on your behalf.
- You will have the option to name multiple executors, in order of succession; make sure at least one person is fairly young—someone who is likely to outlive you.
- Geography really shouldn’t be a factor here; your executor does not need to live in your same city or town to fulfill his or her duties.
- Finally, note that certain individuals are not legally qualified to serve as executors—including those who are not U.S. citizens and those who have felonies in their background.
If you’re not sure who best to serve as your executor, seek guidance from Singh Law Firm. Contact us today with any of your estate planning questions or concerns.