The Top 5 Things to Consider When Naming Your Executor
Choosing who to name as your Executor can be an overwhelming task when creating your Will. The role is commonly appointed to children, family members and friends and is treated as a great honor to be the chosen one! The reality is that the role of Executor comes with a lot of work, deadlines, paperwork to file, and meetings with financial institutions and other professionals. You want to ensure that you are choosing someone that will carry out the role and successfully administer your estate, but how do you know who to choose?
Here are 5 things to consider when it comes to choosing who to name as your Executor:
Age – Are they young and in good enough health to act? Keep in mind that administering an estate doesn’t happen over night and is a prolonged process with many steps involved. Are they going to be able to handle that at their age?
Location – Does this person live in the same country as you and understand the process of administering an estate? Are they within distance to deal with the assets involved?
Time – Does this person have the time availability to act as Executor? As mentioned earlier the role comes with a lot of work and is a big-time commitment!
Organization – Will this person be able to keep meticulous records and meet deadlines? It’s crucial for the Executor to be responsible and ensure nothing is missed as they are personally liable for everything that happens while administering your estate.
Objectivity – Will they treat the beneficiaries and family members equally and with respect?
Communication is important when it comes to naming your Executor. You will want to make certain that they know they are being appointed and understand the scope of the work involved. Nobody likes the “Hey – surprise you’re an Executor…” phone call!
Another great tool when it comes to naming your Executor is our new online course called Executor Ready! Executor Ready does just that – gets your Executor ready for the role through ten easy-to-digest video modules led by our CEO and Founder Debbie Stanley. We answer all the burning questions like “Do I really need probate?” to “What is a Clearance Certificate?” Click the link to learn more and to get your Executor Ready today!
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.