Nobody wants to think about what will happen when they are no longer here, but waiting to make decisions and plans can leave your loved ones without the guidance that they need. One of the many important things that you will need to choose is an executor for your will. The executor will be responsible for performing a broad range of legal tasks, including distributing assets and selling off properties to pay creditors. What are some of the things you should consider when choosing your executor?
Choose Someone Responsible
While creating a will can be emotional, as you want to think about what you are leaving behind to the people that you love, the decision of who your executor will be should be practical. You want to choose someone who is responsible and whom you can completely trust to carry out your wishes and take care of estate matters. The executor will have to make hard decisions, stay extremely organized, and work until everything is taken care of. If you do not think that anyone in your family is up to the task, remember that you can always name an attorney as your executor.
Think About Finances
Finances are a sensitive subject for many people, but they are another critical consideration when choosing an executor. If the person has a very poor credit history or bankruptcies in the past, it might not be easy for them to get bonded. Bonding is one of the types of insurance that courts require to make sure that the executor is spending money properly. Bonding companies are very hesitant to bond people with poor financial histories, so the court may not accept your executor nomination.
Choose a Co-Executor
It is important to update your will as circumstances in your life change, but we also recognize that many people create only one will in their lifetime. As a result, you should also name some co-executors that will be able to serve if the executor is unable to do so. It’s a good idea to choose someone who is younger that will likely outlive you. You don’t have to name a specific person for this, as adding a mechanism in your will is good enough. For example, “My Successor Co-Executors will be any of my children who are 35 years or older at the time of my passing.”
Contact Mobley & Brown, LLP for Help With Your Estate Planning
When you are preparing the legal documents that represent your last wishes, you need the right legal assistance. Our experienced legal team is looking forward to working with you to meet your needs. Call us now at (410) 385-0398.