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How do you choose the right executor for your estate?

Oct 22, 2021 | Estate Planning

You might want to start planning your Michigan estate sooner rather than later. Preparing as early as possible is a good way to make sure your estate and family will be taken care of when you’re gone. One of the most important things to do is choose an executor.

Choose someone who’s responsible

Anyone who deals with such important legal documents as wills should be trustworthy and responsible. As a result, when choosing your executor, you’ll want someone with those qualities. Your executor should be someone who can handle being in charge of your estate, communicating with the right parties and ensuring that your beneficiaries receive what you have left them.

Consider someone with a good financial standing

An executor should be someone who’s in good financial standing. Typically, people who have significant debt are not the best candidates for handling wills. Likewise, someone with no credit history should be avoided. Those who have declared bankruptcy should also be skipped because they can’t get bonded.

Avoid potential drama

Avoiding drama is important when you name an executor. Sometimes, people might squabble over wills when they have a personal issue with one another. For example, if you have children who are at odds with each other, you might want to name someone other than one of them as executor of your estate.

Choose an alternative

Life is uncertain, which is one of the biggest reasons to have a will. It’s wise to choose at least one alternative to the executor you name in your estate plan. That person should be younger than your first choice. This is a safety precaution just in case your original executor passes away before you.

Picking an executor for your estate might be difficult, but it’s essential. It can give you peace of mind that someone will be able to handle your estate and will.