Living trusts and wills are essential legal instruments for protecting your assets and your family. Your estate plan, however, is only as strong as your executor. An executor performs all the legal tasks you would do for yourself if you were able, including selling property, paying off debts, and distributing your assets after death. Choosing the wrong person to oversee your estate may result in mismanagement. This guide points out four factors to consider when choosing an executor.

How to Choose an Executor to Oversee a Living Trust & Will

1. Personal Responsibility

Choose someone who has proven themselves to be responsible. You need someone who will take their duties seriously and professionally. Executors don’t have to make every financial, medical, and end-of-life decision themselves. They should recognize, for example, when they need guidance from a lawyer or accountant. 

2. Financial Standing

When working with an attorney to draft a living trust and will, name an executor with a good credit rating. Someone in poor financial standing with a poor financial profile won’t suffice. The courts may require that your executor is bonded. Bonding is like insurance against theft and financial wrongdoing. Insurers will view someone with poor credit as a high risk and deny the bond.

3. Trustworthiness

You should trust your executor to interpret your wishes and act on them faithfully, without misappropriating any funds. An executor may be tasked with managing your assets to provide for your minor children. Therefore, appoint someone you would trust with their lives.

If you prefer, you can name your attorney or accountant to serve as your executor, rather than a friend or relative. Discuss their management approach and how they’ll be compensated before you name them to serve as your executor.

4. Age

Your executor should outlive you. Review your will several times throughout your lifetime, and change the name of your executor if they die unexpectedly, develop concerning health issues, become estranged, or decide they don’t want to serve.

When you need an attorney skilled in drafting living trusts and wills, Rutherford Law Office will help ensure all your final wishes will be carried out. They have years of experience with estate planning, interpreting and executing trusts and wills, and managing the intricacies of probate law. Visit them online to meet their legal team, or call (740) 775-7434 to request a consultation.