A comprehensive estate plan lets you dictate how you’d want your assets handled once you pass away. As you’re creating the estate plan, you need to consider who will make sure that your wishes are followed. The person who will do this, and carry out several other duties, should be named the executor of the estate plan.
There are several things to consider when you’re deciding who will serve as your estate’s executor.
Are they likely going to outlive you?
While you might be tempted to name a person who’s your age, it might be best to appoint someone younger to this role. It’s possible to have a first-choice executor who’s the same age or older than you; however, your secondary one should be younger. This ensures that you’ll continue to have your say as to who should handle your estate, even if your primary choice passes away before you or can’t handle their executor duties.
Can they handle their executor duties?
The executor you name must be able to follow your wishes. They can’t put their preferences ahead of yours. You must choose someone who can handle your estate according to your plan and per the laws that apply to it. This includes doing things like finding assets, paying taxes and your estate’s outstanding bills.
It’s imperative that you do what’s necessary for your estate. The goal is to have everything set up so your loved ones can grieve losing you while they know that your estate is being taken care of in the way that you intended. Be sure that you continue to review the estate plan, including the executor designation, periodically after you create it so you can ensure that it reflects your current wishes.