You did the work and research necessary to assemble your estate plan, but you need someone to help see things through to the end. It is time to name an executor.
Selecting the right executor requires the same work and research you put into putting your plan together. Learn what qualities to look for to take proper care of your legacy and your loved ones.
Think about financial habits
The person taking care of your estate after you pass should have good financial sense. Think about people in your life who pay their bills on time, have a well-funded savings account and stick to their budget. A financially responsible person benefits your benefactors and heirs just as much as you.
Consider level of responsibility
Just as you would not choose an irresponsible person to watch your house, child or pet, the same applies to your estate. Your executor should be a good communicator, responsive to queries and requests, and able to make hard decisions. Depending on the people in your life, you may have little choice but to choose a legal representative or accountant as a responsible executor.
Choose a younger successor
Depending on your current age and your executor’s current age, the person you choose could be a bit too old to serve as a proper executor when the time comes. Select a younger successor to take over in case your primary executor does not outlive you. Even if you designate a younger executor, it is good to name a successor anyway in case your primary choice cannot fulfill the role for whatever reason, such as a medical or health complication.
Take your time in naming an executor. Remember, this person acts in your stead when the time comes to settle your final affairs.