After spending time curating a comprehensive will, it is wise to choose a suitable executor you can trust. It is important to make sure that the individual or entity you select will follow every instruction in your estate plan.
For such an important decision, you want to take time vetting prospective candidates until you arrive at an ideal individual. Selecting someone who is not only capable but also trustworthy may make the difference between a smooth estate administration process and a prolonged, contentious one.
The responsibilities of an executor
When settling your estate, the following will likely be your executor’s primary responsibilities:
- Jumpstarting the probate proceedings
- Establishing the accurate value of your estate
- Settling outstanding estate debts
- Allocating assets to chosen beneficiaries
- Taking care of legal and financial paperwork
It is vital to choose someone who understands these responsibilities and can commit to fulfilling them. A suitable executor should be diligent, have good organizational skills and have the ability to navigate complex legal and financial matters.
Key considerations when choosing an executor
Selecting a close family member you trust to execute your estate plan is reasonable. However, it is also important to consider whether their personal relationship with beneficiaries might lead to conflicts of interest.
Even if you choose a close family friend to execute the will, their personal relationship with your family could result in tension. You might want to choose an impartial executor if you anticipate family disagreements.
It is important to select someone with healthy financial habits, so that they can properly carry out the responsibilities of an executor. You can trust such an individual to act in good faith and prioritize carrying out your wishes without personal gain.
Due to life’s unpredictability, you might want to have a backup executor in case your first choice is not in a position to serve when the time comes. Naming a backup executor can help ensure continuity and avoid delays in estate administration.
Consequences of choosing an unqualified executor
Selecting an inappropriate executor may have serious consequences, including:
- Delays in distributing assets due to inefficiency or lack of knowledge
- Legal disputes among beneficiaries
- Financial mismanagement leading to asset loss
- Increased stress and costs for your loved ones
These outcomes highlight why this decision should not be taken lightly.
Taking time to select a suitable executor can help you to rest easier, knowing your instructions will likely be honored. By understanding the responsibilities of the role and seeking legal support, you may be able to make a more informed decision.