Selecting an executor for your estate is an important part of the estate planning process. For that reason, estate planners should know how to select the best executor for their estate and a few factors to consider can help them be in a better position to do that. The following are some factors to consider when selecting an executor.
Select a responsible party
An executor can be a trusted friend or family member or a professional such as a lawyer or accountant. The executor is responsible for hiring the right people to help them administer the estate, address estate matters promptly, effectively communicate with beneficiaries and make difficult decisions and have hard conversations at times.
Selecting someone who has not been disqualified to serve as an executor, such as a non-U.S. citizen or individual with a felony criminal record, is important. Additionally, selecting an individual who is not interested in creating conflict and gets along with beneficiaries and is emotionally stable and patient is also useful when determining a good executor for your estate.
Select someone in good financial standing
If the executor selected is not in good financial standing themselves, they may not be able to be bonded.
Take age into account
Naming a younger successor may be a good idea, however, because estate plans should be regularly updated, any change to an executor status can also be addressed with a regular review of the estate plan.
Location is not necessarily a concern
The executor’s functions can typically be performed at a distance and the executor can also make a visit to the estate planner’s home, for instance, if needed to distribute the personal property of the estate planner as one example.
Selecting an executor for your estate plan is an important decision. Using these considerations as a guide, the estate planner can select the best executor for the important role of administering their estate.