When it comes to estate planning, selecting an executor is one of the most important things you will do. This person is responsible for carrying out numerous duties, from locating assets to paying creditors. They will also handle dispersing assets to your heirs in the manner specified.
Because the role is so critical, you must choose your executor carefully. Here are a few qualities to look for when making a selection.
Be sure to choose a qualified selection
No matter their inherent qualities, certain people cannot serve as an executor of your estate. For example, a person under the age of 18 cannot serve, as they may not have legal standing to sign checks or perform other essential duties. Additionally, a person with a felony record is not a good choice, since certain laws bar them from carrying out some tasks. The selection must also be a U.S. resident.
Choose a person who is financially responsible
The person you pick does not have to be a financial guru. However, they should exhibit financial responsibility in their own lives. People with large amounts of debt or those who frequently make impulse purchases might not be the right choice. Instead, look for a person who is careful with their money, pays their bills on time, and has robust savings.
Keep drama to a minimum
Your selection must also exhibit emotional intelligence and responsibility. Handling an estate often involves dealing with disgruntled heirs. At the very least, your executor will probably need to field numerous questions from family members and others. Accordingly, they must behave civilly but also remain assertive to ensure they honor your wishes.
Most people choose an executor that is close to their age, which is perfectly acceptable. However, you might want to consider selecting a younger successor in case your first option is not available when the time comes.