5 Suggestions for Choosing an Executor
Selecting an executor/executrix is an integral part of estate planning. This person will be responsible for carrying out your wishes, so the importance of this decision cannot be overstated. Daily Caring has five tips that will help you choose a reliable executor/executrix.
1. Choose someone responsible and flexible.
What is your potential executor's financial history? You'll want a candidate who has proven themselves capable of managing their own money, e.g. someone who has made prudent investments or has substantial savings. Even the best candidate will likely be unfamiliar with all the duties of being an executor, so consider how adaptable they are to new situations.
2. Choose a healthy candidate.
You found someone responsible and quick on their feet, but are you certain that thisperson will be around after you're gone? Grantors generally choose executrixes who are healthy and often younger than the grantors themselves.
3. Consider a corporate executor.
Now that you've thought about the people in your life, consider if a corporate executor could better suit you. While a bank is often more expensive and impersonal than a loved one, you won't have to worry about a personal argument interfering with your plans.
4. Look into co-executorixes.
If you have a large estate, you may want multiple people to act as co-executrixes. While this eases the estate management burden, complications can arise if there are any disagreements regarding your wishes.
5. Re-evaluate your decision.
You've finally decided on the right executor for you, but that doesn't mean the process is over. Look back at your decision every now and then. Relationships can change, and your perfect executor may not be the best choice in a few years.
Daily Caring's advice can help you avoid common mistakes in choosing an executor/executrix. Once you have weighed all your options, you'll be more confident in your decision.
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Do you have any cautionary tales on choosing an executor? Share your story in the comments!