When it comes to matters of estate planning, it won't be long before you're faced with this important question: Who should you name as the executor of your will?
This person is legally responsible for caring for any financial obligations after your death. With so many potential responsibilities, it's imperative to name a person you can trust. For example, this person will be required to distribute assets according to your will. Along with this, he or she may have to pay a variety of debts and taxes.
Here are some top tips for choosing a will executor:
-- Consider all your options. You don't always have to turn to a loved one, such as a child or spouse. There are other options to consider, such as a close friend.
-- Focus on key qualities. Is the person trustworthy? Is the person reliable? Will the person be able to handle all the questions and challenges that often come with this process?
-- Name an alternative executor. You are not required to do this, but it's a step you can take for greater peace of mind. If for any reason your primary executor declines the responsibility, this person can step in.
There are many key details associated with creating an estate plan. If you're creating a will, don't wait any longer to name an executor. It may take some time to make the right choice, but this isn't a detail you can sweep under the rug. When you make the right decisions regarding your estate plan, you'll feel much better about the future.
Source: FindLaw, "Choosing the Executor FAQ," accessed Jan. 30, 2017