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Things to consider when choosing an executor

| Dec 14, 2018 | Estate Planning |

If you live in Ohio and are planning your future, one of the things you may be doing is figuring out your estate and planning what to do with your money, property and other assets. Part of the decision-making process is choosing an executor who will carry out the terms of your estate and distributes everything correctly. This is an important decision, so make sure you consider what the position involves.

The AARP discusses some of the important factors you should weigh when looking at potential candidates for your executor. Consider all the things an executor has to do, such as sorting through your home, making trips to banks and courthouses, paying bills and filing tax returns, and choose someone who has the time and patience to carry them through. Even when you make things easier by being specific and keeping lists of all your accounts, it is still a demanding position.

It also takes certain skills, such as organization and communication, to perform the job effectively. The executor should also have some knowledge in the financial or legal realm. If you are struggling to think of one person, the American Bar Association recommends naming co-executors. One can be of a more professional capacity, such as a lawyer or financial professional, while the other may have a more personal relationship with you or your family.

Communicate with the person(s) you are considering and make sure it is something they want or are willing to do. You should also trust the person to fulfill your wishes. 

 

 

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