Creating a will is an important task that everyone needs to do at some point. When creating it, you’ll need to name someone as the executor. This is the person who will do all the tasks that you used to do. This includes things like selling assets, distributing assets to others, and paying creditors. It’s an important task, so you’ll want to find the right person to handle it for you. Here’s how to pick just the right executor for your will.
Pick Someone With Sound Financial Standing
As your executor will be handling your finances after you’re gone, you’ll need to name someone who has good financial standing of their own. When considering anyone for the role, you’ll want to think about whether they have many creditors against them. If they have many or have gone through bankruptcy, then they aren’t a good choice.
Also, you don’t want to choose someone who has no credit history at all, as they will often be rejected for ‘bonding’. This is a form of insurance that covers beneficiaries if an executor absconds with the funds. If the company thinks the executor is a risk, then they won’t offer that insurance.
Pick At Least One Younger Executor
When creating your will, you need to remember that you may not pass away for a few decades afterward. In that time, a lot of things can change. For example, the executor you named in your will may have passed away before you, or be otherwise unable to carry out the task.
In this case, it’s always a good idea to list another, younger executor’ says business writer Daniel Stark. It needs to be someone who is likely to outlive you, to ensure that someone will carry out the task.
You can either name a specific person for the task, or you can create a mechanism of your will. For example, you can state any of your children who are over the age of 30 will stand as executors.
Pick A Responsible Person
One of the most important things an executor must be is responsible. You want them to be able to handle the role, and carry it out well. They don’t need to be an official, such as an accountant or attorney. They just need to be able to make sensible decisions and carry out the actions laid out in their will.
Pick someone who you feel can do this for you. If you don’t want to name a family member or friend, you can go for a professional such as an attorney. Remember that they will need to be paid for these services, so keep this in mind.
Keep Interpersonal Relationships In Mind
Everyone has heard stories of wills being enacted and fights breaking out among beneficiaries. While that likely isn’t going to be that dramatic when you pass away, you do need to think about this when writing you will.
Think about the relationship your potential executor has with others who will be beneficiaries. Do they generally get along with them, or can be trusted to be professional? For example, you don’t want to appoint one sibling, when they tend to fight with another sibling that’s listed in your will.
In this instance, you can either name both, so they have to work together or name an unrelated third party.
Ensure The Person Is Qualified
While your executor doesn’t have to be a professional, there will be some things that stop them from carrying out the role. ‘Courts often don’t approve those they don’t have jurisdiction over, so any non-US citizen won’t be a great executor. Also, former felons cannot be appointed, as well as minors.
There are lots of things to keep in mind when you’re looking for an executor. In short, you need someone who’s grounded and responsible, able to carry out the tasks laid out for them. You want to be able to trust them to do what’s needed without any drama. Find the right person in your life to be your executor, and you can trust them with your will when you’re gone.