How to Choose an ExecutorMay 28, 2021
When dealing with wills, estates, and the wishes of the deceased, the role of the executor is highly important. An executor is responsible for ensuring that your will is executed according to your wishes and may need to make decisions on your behalf. Knowing how to choose an executor is crucial for ensuring that your estate is in the best possible hands after your passing. The right executor will exercise the care, diligence, and skill required to ensure that your estate is handled effectively and efficiently. As experts in estate planning and wills, the team at Sidhu & Associates has provided some information on what to look for in an executor and how to choose one.
What is an Executor?
An executor is an individual that is responsible for protecting and administering your estate after your passing. After paying off your debts and sorting out your finances, they will then distribute the rest of your estate according to the instructions within your will. The key duties of an executor require a significant amount of time and effort.
In some instances, an executor may need to make decisions on behalf of the deceased. Executors must act impartially to ensure that all beneficiaries receive what is owed to them. It is important to note that an executor must be named in your will. If one is not named in your will, a family member will need to apply to perform this role. It may also be worth naming a second or backup executor if your first choice is unavailable.
Who Should be Chosen as an Executor?
The most common choices for an executor are family members that are close to the testator. These family members include children, grandchildren, siblings, and parents. Close friends can also be a viable choice in some situations. Your executor should be someone that:
- Is trustworthy and can reliably manage your affairs effectively and efficiently.
- Understands the dynamic of your family and how to deal with difficult situations that may arise.
- Is responsible with finances and can be trusted with making decisions on your behalf.
- Has the capability of handling the responsibilities associated with being an executor.
- Is likely to survive you.
Choosing an individual with these qualities can ensure a smooth distribution process for all parties involved.
For more information on choosing an executor, get in touch with the team at Sidhu & Associates. Our experts can be reached through our online contact form and will work with you to provide any information you need.