An executor is a person responsible for handling the affairs of your estate after you’re gone. Making the right selection is crucial, as you want to ensure this person is capable of handling the many chores and tasks of handling an estate, including wills and trusts issues. AARP offers the following tips to help you make the right decision.
Choose someone younger than you
You want to make sure your executor is available when your estate needs assistance. Picking someone your age or older can get in the way of this basic requirement and may leave decisions up to the court. You can also choose a backup executor. That way you'll rest assured that your estate will be properly maintained no matter what.
Make sure the person acts sensibly
There may be times where your executor lacks certain knowledge. This is OK, provided the person is sensible about asking for help. In this case, it’s better to choose someone who acts sensibly and knows when to seek outside assistance. The person should also take a conservative approach to money management. Sound financial decision-making ensures your heirs will receive the assets you have in mind for them.
Revisit your choice
Even if you’re satisfied with your pick originally, you may be unhappy with the selection over time. This can result from changes in your or the executor’s life, which might make the person a less likely pick. Review your choice every few years or so, and if you have concerns be sure to raise them with your attorney.