Choosing an executor is among the most important estate planning decisions you will make. Not only is the person you select charged with guiding your estate through the probate process, but they will also be granted the authority to act on your behalf and trusted with the legal power to access your finances and manage your affairs. Below are a few factors to consider when deciding who should be the executor.

4 Tips for Choosing an Executor

1. Choose a Responsible Party

Executors must find the right legal counsel, work with the beneficiaries, and ensure that court deadlines are met. When estate planning, consider each potential executor’s level of responsibility, and only choose someone you’re confident can manage the responsibility.

2. Consider Their Financial Background

Courts often require executors to purchase insurance covering the estate’s assets until the probate process is completed, known as a bond. Because those with poor credit histories often can’t qualify for a bond, choose someone with a fairly clean record. If the individual you select has bankruptcies in their credit report, the judge may disqualify them and select someone else.

3. Select One Younger Executor

Even if you try to keep your estate plan updated, it’s not unusual for the decedent to outlive the executor named in your will. Naming a second, younger individual still gives you the ability to control who handles your estate if your first choice passes away or can’t fulfill the obligations.

4. Avoid Family Conflict

Some families are torn by conflict, which can be aggravated by your choice of executor. If your children or siblings are likely to dispute each other’s decisions, you may be better off selecting a third party who will impartially execute your decisions.

For nearly 40 years, families throughout Ohio’s Geauga and Ashtabula Counties have relied on Ibold & O'Brien for excellent legal advice and personalized service. They understand how overwhelming estate planning can be, and they will take the time to walk you through the process to ensure your wishes are respected. Visit their website for more on their estate planning services, or call (440) 285-3511 to schedule a consultation with their office in Chardon.