You sit down to plan out your estate administration for your loved ones in Florida and elsewhere. Have you decided on who carries out the wishes outlined in your will and trust?
Kiplinger offers tips on choosing an estate executor. Give yourself the peace of mind that comes with knowing your affairs are in order and your assets are in the right hands.
Think about your executor’s current financial standing
Even if you do not have a substantial estate, your chosen executor should practice sound financial habits. Also, the court may not approve of an executor who has massive debts, filed for bankruptcy or who seems otherwise bad with money. Make the estate planning process easier by going with a financially responsible executor.
Opt for a responsible individual
Besides financial responsibility, your choice of executor should be responsible in every other area of life. Think about the people in your life who make well-informed decisions for themselves, who act as pillars of stability. Depending on your circle of family and friends, you may have no choice but to hire a professional like an accountant or lawyer to act as your executor.
Consider a younger executor
If you draft your estate at a relatively young age and your plans do not change throughout the years, it could be a while before your named executor carries out your desires. It is best to choose a primary executor along with a younger successor. That way, if your original executor passes before you do, you still have someone to execute your will.
This information is only intended to educate and should not be interpreted as legal advice.