When you create your estate plan, one task you must complete involves naming an executor. This person is responsible for following the directions and the wishes outlined in your will.
According to Forbes, your executor will distribute your assets to named beneficiaries, file final tax returns, issue notices of death, pay off creditors and complete other tasks associated with closing out your estate. Who you choose as an executor is important, so you should consider certain factors when naming this person in your will.
Make responsibility a priority
One of the main qualities to consider in your potential executor is responsibility. Your executor should have a reputation for handling his or her own affairs responsibly and take his or her role as your executor seriously.
Consider your candidate’s financial standing
Select an executor who handles his or her personal finances well. Avoid choosing an executor who has no credit history, has many creditors or has gone through the bankruptcy process.
Remove location from your consideration
When choosing an executor for your estate, keep in mind that this person does not have to live within your local area. Although your executor may choose to visit your personal property after you die, he or she can complete many required tasks in this role without leaving his or her residence.
You only need to name one executor to finish your will, but you may want to designate more than one in your estate plan. Consider naming a younger, healthy successor to your original executor who could step in if your other executor dies or can no longer fulfill his or her duties.