One of the biggest decisions a person makes in their estate plan is choosing an executor, also called a personal representative. This person will have a number of responsibilities to fulfill in order to settle the estate.
So how can you be confident that you’re choosing the best person for the job?
Generally, you have three different options for choosing the executor of your estate. Depending on your preference, you can pick one of the following:
- A trusted family member or friend
- Your estate planning attorney
- The bank you use
A family member or friend who becomes the executor of an estate may also use an attorney or bank’s services to get help settling the estate.
Who can you trust?
While considering these options, it’s important to choose the party you trust the most. A family member or friend may be better able to decipher your intentions if there is any confusion about your wishes during probate. They may also be better equipped to contact beneficiaries and distribute your assets. However, you should consider whether this person can be trusted to follow your wishes exactly and settle the estate’s debts correctly.
Choosing a bank as your executor will ensure that your estate’s debts are settled quickly and easily. They’ll also be able to tell beneficiaries how much they’ll inherit clearly and accurately. This is a great option for someone whose finances are complicated.
Picking an attorney as your executor can offer the best of both worlds. You know you can trust this person because they’ve already helped you create and update your will. You can also count on their knowledge of the law to ensure that your estate is settled the right way and in an efficient manner.
Have a discussion
To find out which option is best for you, it’s a good idea to interview these potential candidates. Ask if they’d be up for the job, whether they feel confident carrying out its responsibilities and if you can trust that they’ll do it accurately.
From these conversations, you should gain a thorough understanding of which is the best option for you.