How can you choose an executor for your estate?

How can you choose an executor for your estate?

| Apr 9, 2021 | Estate Planning

Choosing an executor for your will is not easy. As you try to find someone, there are a few qualities that you need to consider.

Here are three things to consider, according to RBC Wealth Management, when choosing an executor.

Think about objectivity

Your executor needs to be diplomatic. You do not want to choose someone who has difficulty navigating the different familial relationships. After a person’s passing, the family members tend to be in a state of grief. This opens the door for a lot of hostile emotions. If you do not have an objective executor, it can cause fights to break out. Choose a person who has his or her own financial affairs in order.

Plan for more than one

You do not have to have only one executor of your will. In fact, many people choose to have two. Many adults want to have someone who knows their wishes and will respect them. On the other hand, it helps to have someone who has a professional background. A professional will understand tax law and handle complex issues, whereas a friend or family member can focus on personal assets distribution.

Consider health and age

Choosing an executor who has the capability of fulfilling the necessary tasks is critical in your decision-making. When it comes time for him or her to perform the duties of an executor, will he or she have that capability? Your executor should be in fair health and be of an age that you have some certainty that he or she will still be around when you need them as an executor.

While it might seem simple to hire someone close to your family as your executor, you should give the decision a lot of thought before you go for your first instinct.