When creating a will, you spend most your time making decisions regarding who will receive your assets when you pass on. While this is important, there's a big question to answer: Who will you choose as the executor of your will?
This is the person who is given the responsibility of taking care of your financial obligations upon your death. Duties include but are not always limited to:
- Distributing assets based on the will
- Paying taxes and bills for the estate
- Maintaining property
- Making any required court appearances
Even with a simple estate, the executor of a will is still faced with many tasks and responsibilities.
Who will you choose?
Generally speaking, you can choose almost anyone you want to act as the executor of your will. However, some of the most common choices include:
- Adult children over the age of 18
When comparing your options, focus on finding someone who is organized, honest and willing to communicate with others throughout the process.
Also, don't choose someone who is unhealthy or older than you, as there is a chance that they may not be able to fulfill their duties.
You have the legal right to name an alternative executor. This person will step in should your primary choice be unable to do the job.
Creating a will can put your mind at ease, but only if you make all the right decisions. If you're in the process of doing this, think long and hard about who will make the best executor. With this person in charge, you know everything will go as planned when you are gone.