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After you die it is critical that someone can take care of your estates. This means gathering all of your assets together and protecting them. Someone will need to handle creditors and make sure that assets are distributed according to your wishes. The person named to handle your estate is called the executor. An executor can be named in a person's will. You can name more than one person to act in the role of executor. You can even name backup executors in case the first person becomes unavailable to execute the estate.
Serving in the role of executor is a huge responsibility. Not everyone is right for the role. Choosing an executor can be challenging. Many individuals are under the assumption that the person they choose for executor does not matter because they will be gone. They say that they do not care how their estate is handled after they die. For these people, that is pretty simple. For everyone that wants to protect their loved ones after they pass away, here are some tips when choosing an executor.
How old Are They
To be named as an executor of an estate a person must be at least eighteen years old. Most eighteen-year-olds, however, are not emotionally mature enough to handle the responsibility that comes with being named as an executor. It does not make sense to list someone considerably older than you either. What happens if this person dies before you do and you have not thought of a backup or another person to fill the role?
Relationship
You should also consider the relationship that you have with the person you are listing as executor. Will this person still be close with you at the time of your death? Life and relationships never come with guarantees. However, family and friends you have had for as long as you can remember are more likely to be around when you pass away than someone you met a week before writing up your will. The stronger the relationship the higher likelihood they will not only step into the role of executor but be willing to carry out your wishes the way they are spelled out in your will.
Are they Responsible
As you sit down with your estate planning attorney to plan the future of your estate; you should also consider whether the person you are thinking of listing as your executor is responsible enough to handle the job. You want to choose someone that will take the responsibility seriously and work hard with your attorney to handle matters of your estate. Look at how they handle their own life. Are they responsible for their decisions? Do you trust them? If so, then they may be a good choice for executor. If not, you may want to think about choosing someone else.