There are a lot of different things that you need to consider when choosing the executor of your estate. Who do you trust to follow your wishes? What type of relationship do they have with your heirs? Are they even willing to take on the job?
While those questions come quickly to mind, there are other things you may not have even thought to consider as you search for the right executor. Here are a few issues you shouldn’t overlook:
Your prospective executor’s financial standing
It’s critical that your prospective executor has a solid financial history. They shouldn’t have bankruptcies, liens against them or no credit. The court may require that an executor get bonded. They’re unlikely to get a bond if they seem like a serious financial risk.
A prospective executor’s age
Many individuals draft their will years before they pass away. It’s always best that any prospective executor is younger than you as it gives them less chance of predeceasing you and appointing someone new to the role.
The proximity of your prospective executor
Executors often have to travel to inventory assets, set up bank accounts or address things at the courthouse. It can be helpful for an executor to live locally to handle all the traveling back and forth.
The laws surrounding who can be an executor
Some jurisdictions may limit who can serve as executor. They may exclude non-U.S. citizens residing outside the country, those with a history of mental illness, minors and anyone with a criminal record from holding such a role.
Have you identified the right person to serve as executor of your estate?
Selecting the right person to serve as executor of your estate can be challenging. You may want to read over some of the other articles that we’ve written about the topic to better hone in on whether the person you’ve selected is right for the role.