Developing a valid and legally binding will is the first step to protecting your loved ones and your assets after you are gone. Choosing the right executor is equally important, as this person will carry out all the duties associated with your will.
Being an executor entails a lot of responsibilities, so you must think long and hard about your selection. Here are a few points to keep in mind to make an informed decision.
The person you select does not have to be a financial guru. However, they should have a reputation for good financial sense. Selecting a person with money issues or mountains of debt is not a smart idea, because it is unlikely they will handle your finances any differently. Conversely, a person who is financially reasonable will have an easier time managing your money.
There are so many steps to executing a will. The person must find and document all assets and property. Next, they must notify creditors of your passing and pay off any remaining debt. Finally, they can disperse assets to heirs according to your wishes. The right candidate will exhibit good organizational skills and responsibility in their own lives. That way, they can efficiently navigate each step in the process.
Settling a will usually takes a long time. The average length is about 16 months from start to finish, although more complex estates can take as long as 3.5 years to process. The person you pick must have ample time to devote to their duties while also handling other aspects of their lives. Accordingly, a person with young kids or a hectic work schedule might not be the best selection.
It is also possible to name co-executors. However, your selections must work in conjunction to ensure they complete tasks successfully. Naming a backup executor is often the better option, as this person can step in if the first option is no longer available.