As part of planning your estate, you must name an executor, a person selected to administrate your estate. While you understand the importance of the role, you do not know whom to choose for it.
CNBC shares tips for selecting your estate’s executor. Get insights on how to give yourself and your beneficiaries peace of mind.
Trustworthy and organized
Being an executor involves everything from paying off outstanding debts and closing accounts to filing your will and distributing your assets according to your will. With so much on the line, you cannot do without an organized and trustworthy executor.
This person must know how to juggle the role’s responsibilities with her or his job and other obligations. Because it often takes an average of 16 months to settle an estate, your candidate must have what it takes to handle the role for the long haul.
Rather than one executor, you may feel more comfortable with two. All executors must get along and work well together, so keep that in mind while naming candidates. If you feel your estate needs co-executors, understand that needing two signatures on essential estate documents could prolong the process.
Discuss the role
No matter how many executors you feel your estate needs, talk with your candidates about the role before naming them for it. A potential executor deserves to know what the role involves and have a chance to turn it down if she or he does not feel like a proper fit. Being named executor should not come as a shock after a person dies.
By thinking carefully about whom you name an executor, you may rest easy knowing your estate and beneficiaries are in capable hands.