An executor plays an important role in administering the estate planner’s estate. For that reason, an executor should be thoughtfully chosen and estate planners should know what to consider when selecting an executor.
An executor does not need to be a trained professional such as an attorney, accountant or financial planner, but having an executor that is generally responsible is a good idea. The executor will need to hire professionals to help them administer the estate and be able to promptly address concerns related to the estate. They will also need to communicate with beneficiaries and may need to be able to make difficult decisions. It is also for the executor to be patient and generally well grounded.
Be in good financial standing
Because the executor will need to be bonded, they should be in good financial standing themselves. This means they should not have a history of bankruptcies or liens against them, as examples. Additionally, the executor should be a U.S. citizen and not have a criminal history in order to not be disqualified as an executor.
Select at least one younger executor
The estate planner may wish to designate more than one executor and include one that is younger. This is so that the estate planner does not potentially outlive their named executors.
Location is not generally a concern
In this increasingly remove world, the location of the executor is not generally a concern.
No personal connections
It is a good idea for the executor not to have personal connections to beneficiaries or conflicts that may complicate the process of administering the estate.
Choosing an executor is an important part of the estate planning process. Following these considerations can help the estate planner carefully select the best executor to carry out their estate plan.