Building an estate plan is an important part of end-of-life planning. A key factor in your estate plan is the person you name as executor of the estate. Remember that the executor is responsible for carrying out your final wishes, so you should choose carefully.
There are a few key factors that you should consider when selecting the executor that is right for your situation.
Understand the basic eligibility
In most states, your executor must be beyond the legal age of majority and a United States citizen. Some states may restrict the role to those without a criminal record as well.
Consider the time commitment
If you have never served as the executor of an estate, it can be tough to understand the amount of time involved in the process. While an executor receives compensation for the time they devote, it is often a modest amount. Choose an executor who will not find the time commitment to be a burden.
Name someone you trust
Trust is paramount for an executor. Choose someone that you trust to carry out your wishes the way that you want and the way that you detail them in your estate plan.
Think about the implications of age
Naming an executor who is your age or older could leave your estate plan needing an appointee from the court. If your executor predeceases you, the court will have to step in. Choose someone younger than you or name a secondary executor just in case.
These are important elements for selecting the right executor for your estate as you build your estate plan.