An estate plan can put all of your final wishes into legally binding documents. You can ensure that your assets go to people who will benefit from them. You can also outline your medical wishes and much more.
However, these things don’t happen by themselves if you pass away or become incapacitated. There are a number of key people who will need to act appropriately to ensure that your wishes are upheld.
The executor of your estate is an individual who organizes your assets and initiates probate. They will also ensure that your assets are distributed according to your wishes. Thus, the executor plays an important role.
What factors should you consider when choosing an executor?
Age and maturity
It’s reasonable to think that the older an individual is, the more capable they will be of carrying out such an important role. However, this isn’t necessarily the case. It’s not really feasible to choose an executor who you are likely to outlive. At the same time, this is a huge responsibility for someone who has just reached adulthood.
Age is definitely a factor in nominating an executor, but the main thing is that the individual is healthy, trustworthy and responsible.
Do they have the time?
You may have highlighted someone who meets the above criteria. But, do they really have the time to carry out the role of executor? Initiating probate and administering an estate can be very time consuming. The individual is going to have to be very committed. This is why it’s beneficial to have a discussion with your prospective executor before making anything official.
To ensure that you make the best decisions for your future, it may benefit you to seek legal guidance.