How to Pick the Right Executor for Your Will
Without a doubt, your executor is expected to step up on your behalf once you die and the will goes through probate. Your executor is trusted to handle all your physical, financial, and personal assets when you die. From selling your assets and checking medical records to distributing your property and much more, the executor is in charge of almost all financial distribution when you die.
Since it is a critical job, you need to be sure you pick the right executor of your will. So, how will you pick an executor to handle your personal affairs as you would wish? Do they have the trustworthy traits necessary to manage the responsibility of being an executor? Are they willing to take on the responsibility?
This guide will help you pick the right executor of your will.
How Do I Pick the Right Executor of My Will?
Consider the following when choosing the executor of your will:
1. Find Responsible Parties
The most important quality an executor should have is honesty and responsibility. While they don’t need to be accountants or financial planners, they should have some sense of responsibility for money. The executor can then hire professionals to address specific financial needs as necessary. Pick someone who you are confident is responsible enough to handle your financial affairs.
2. Consider Someone in Good Financial Standing
This is another crucial thing to consider. The executor must display suitable financial standing in their own affairs. Individuals who lack financial responsibility will make a mess of your estate. They may also have issues along the way that can’t be handled out of court.
3. Choose a Backup
While your executor should be someone younger than you, you should also choose a backup. Choosing a younger executor will hopefully ensure that they are alive and well when the time comes to handle your will. As your situation changes with time, you also want to be sure your executor is available when you need them. If they are unavailable, a second option will help save your estate significant time and money.
4. Location Doesn’t Matter
Does your executor need to live near you? Of course, your executor should know where your will is kept and the basic details of your financial assets. However, they don’t need to live near you. The executor can work from afar. So, if you find someone who lives in another state is more responsible, feel free to choose them without any restrictions for location.
5. Consider the Effects of Not Assigning an Executor
When all else fails, pick the next best option. The worst thing you can do is no assign an executor. That means that the court will appoint one for you. In most cases, the executor that’s designated to your will is someone you don’t know. Even if you want to name a minor as your executor, you can place specific requirements for an adult until they are of age.
Contact Ensberg Law Group for Your Probate Needs
If you need a reliable Covina probate lawyer, Ensberg Law Group is here to help. Contact us today to schedule a free consultation.