When creating a will or a trust, you secure your future and your family’s future. One of the most critical components of your will is your choice of executor. According to AARP, you do not need a professional as your executor, but you need someone with good financial and business sense.
Understanding the traits of a good executor can help with the overall decision.
Review your choice every few years
When you finish your estate plan, it does not mean that you should file it away and never look at it again. Instead, check your will every few years. Family dynamics change and people may marry into the family or divorce. Make sure the person you choose has a high likelihood of being around to administer the will. Choose someone younger and in good health. Every few years, availability may change. Check back to ensure that the person you chose can still manage your estate.
Avoid conflict within your family
Sometimes parents may consider creating a team of trustees or executors with their children. Sometimes, a team may cause more conflict than a sole executor. Family members tend to fight more after the loss of a loved one. If you have a large estate, the legal batters may cause friction and deplete assets. Instead of a family member, you may want to choose an impartial third party. Think about family dynamics before you make a choice.
When choosing an executor, make sure you can trust the person to act on your behalf and in your and your family’s best interests.