While estate planning covers many different tasks, you may decide to start by writing a will to describe how you want to divide your estate among your heirs. One of the most important parts of writing a will is determining who to name as your executor.
The executor has many different jobs, one of which is to divide your assets among beneficiaries according to your wishes. As such, choosing the right executor for your will is a key part of ensuring your estate planning has the results you desire.
Restrictions on who may be an executor
FindLaw states that there are a few rules that govern who you may name as your executor. You may not name someone under 18 years old or someone with a felony conviction.
Tasks of an executor
Along with distributing your estate’s assets to your beneficiaries, an executor must also handle numerous administrative tasks relating to your estate. For example, he or she must pay the estate’s bills and taxes. During the settlement of the estate, the executor is usually in charge of managing the upkeep of the estate’s house and other properties. The executor may also need to attend court hearings related to the estate.
Essential qualities of an executor
Your executor needs to manage numerous aspects of your will, including several that are time-sensitive. As such, a good executor is someone who has strong organizational skills and the time and desire to handle all aspects of your estate during the entire settlement period, which may take many months.
Many people choose to name a spouse, child or sibling as executor. If you choose someone who lives in your state, it may make it easier for him or her to handle all the aspects of managing your estate.