Having a solid estate plan can ease the way for your heirs once you’re gone — but only if you choose the right executor for your estate. A bad choice could lead to unnecessary delays, unexpected tax consequences and possibly even lawsuits among your heirs.
For the most part, people tend to pick the people closest to them, such as their parents, adult children, siblings or best friends. Unfortunately, that’s not really the best way to pick your executor.
Since the executor is responsible for everything from gathering and securing your most valuable belongings to managing the taxes for the estate, it’s wise to be practical (not emotional) about your choices. Ask yourself the following questions:
Choosing your executor with care makes it easier to settle your final affairs and allow your loved ones to find closure after you are gone. If you’re uncertain about who to choose, your estate planning attorney can offer some guidance to help you make your decision.