One of the biggest decisions to make when drafting your will is naming the executor of your estate. This position is vital because the executor handles filing your will and death certificate, closing out accounts and carrying out your final wishes.
Selecting the right executor is critical for your peace of mind. There are a few things you should consider.
Only name one person
You might consider naming two or more people to serve as executors in case one of them predeceases you or doesn’t have the time to handle everything alone. This often leads to conflicts. Choose one person to serve as your executor to eliminate confusion.
The exception to this is if you name your spouse as your executor. Remember that naming your spouse leaves you without an executor if the two of you pass away at the same time, such as in a car accident. If you name your spouse as your executor, include a secondary executor who can take on the role in such a situation.
Select someone you trust
You can choose between someone you know personally and a professional to serve as your executor. If you are not close to anyone that you trust enough to carry out your final wishes this way, consider working with a professional whose role it is to do just that.
An estate plan is a comprehensive record that details all of your final wishes, including any Power of Attorney or trust documents. The executor you choose should be able to manage all of this responsibly.