If you’re working on writing your Will, you’ve probably thought about the person that you want to name as the Executor of your estate. Many clients ask us for advice about how to choose the person who will serve as their Executor.
We know that choosing an Executor can be a confusing and difficult choice, so here is a quick summary of important points to consider:
What are the Responsibilities of an Executor?
An Executor is responsible for settling your estate. This includes paying your outstanding bills, filing your final tax returns, and distributing your money and property per your wishes, as stated in your Will.
It’s important to remember that your Executor will have full access to your money and property during the settlement of your estate. So, you should have complete trust and confidence in the person you choose for this important role.
What Personal Qualities Should an Executor Have?
An Executor should be:
- Financially Savvy
- Fair to Everyone Involved
- Able to Manage Competing Demands of Creditors, Family Members and Beneficiaries
Who Should I NOT Choose as Executor?
In general, you should avoid choosing someone who:
- Has Financial Problems (such as a personal bankruptcy)
- Has Personal Problems (substance abuse, psychiatric issues)
- Is Too Busy To Handle the Job
- Would Have Difficulty Handling Disputes With Family Members or Beneficiaries
As you can see, an Executor plays a crucial role in making sure that your final wishes are properly carried out. So, you should think carefully when you are choosing your Executor.
If you’re ready to write your Will, our attorneys are here to help, and we’ll discuss with you the important issues involved in choosing your Executor. To set up an appointment, just give us a call at (770) 992-4325 or email us at email@example.com