Writing a will is an important step toward completing your estate plan and ensuring that your loved ones will be well cared for in the event of an untimely tragedy. Before your will is complete, however, you must name a trusted individual who will oversee the execution of your will after your death.
The executor you appoint in your will has the responsibility of settling business and financial affairs as well as distributing assets in accordance with the terms of the will. These are sensitive matters, so it is important to keep a few tips in mind for naming the right executor.
1. Choose a responsible, trustworthy individual
The most important consideration is to ensure that your named executor is responsible and trustworthy. Ask yourself if this person will make the right decisions, if they are in good financial standing and if they will be patient and impartial.
2. Consider your family situation
Family feuds and personal grudges can spur drama or controversy over your choice of executor. Be careful not to name someone who will pick a fight with your beneficiaries or abuse their position to someone else’s detriment.
3. Name multiple executors
Naming multiple executors can be a prudent idea if you are drafting your will early on in life. By the time your will enters probate, your named executor might no longer be alive or may choose to deny the responsibility. Consider naming a backup executor, particularly a younger individual, or be sure to regularly revisit and update your will throughout the years.
Writing a will should be an act of protecting your family and their interests after you are gone. Being careless in your choice of executor can provide more problems than solutions when the probate process begins.
