Making an estate plan is something every adult should do early. While death might seem a long way away, picking someone to take charge of implementing your estate plan when you pass is an essential part of the process.
The estate executor, as they will be known, should give their agreement before you give them the role. Here are some things to consider when thinking about whom to make your executor.
1. Are they likely to outlive you?
Your uncle may tell some hilarious stories around the dinner table about his experiences executing other people’s estate plans. But that does not mean you should choose him for yours. The likely age difference means you will probably outlive him.
2. Do you trust them to do a good job?
Various skills are needed to execute an estate well. These range from being organized, capable of basic math and reading complex documents, to being able to communicate progress to others. A willingness to be transparent about what they do and the honesty to do it as they should are also crucial.
3. Are they likely to have the time?
Your younger sister may fulfill all the criteria so far mentioned with ease. If anyone doubts it, they could look at her record of running successful businesses while also working in charitable roles and raising five kids. If she is always busy with other commitments, it may be better to choose someone else who is more likely to be able to dedicate the required time to the role.
You can change your choice of executor as the years progress. The important thing is to pick someone and document that choice now so that you can have peace of mind. Getting sound estate planning guidance can help.
