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One crucial aspect of estate planning is choosing an executor to oversee your will. This individual is responsible for carrying out your wishes, closing out open accounts, and managing assets you leave behind. They will also represent your estate during probate and any other court proceedings. If you aren’t sure who to select for this role, below are several factors to remember as you consider who to make your executor.

Best Qualities to Look for in an Executor

1. Trustworthiness

From managing your assets timely to attending all court proceedings, you must trust the executor to act on behalf of your best interests. If you believe that an individual could complicate or interfere with the wishes of your will, you shouldn’t choose them.

2. Availability

There are many tasks involved with being an executor—some of which can last months or years. For this reason, you should select a person who can reliably tend to estate planning matters. Individuals who are raising children or have hectic schedules may not be ideal for the role.

3. Financial Responsibility

estate planningIn addition to being trustworthy, your executor should also have a high degree of financial responsibility. Individuals with weak credit histories or significant financial issues may not be able to get bonded to carry out the will. This bonding is a form of insurance that protects the value of the estate if an executor flees before resolving all matters.

4. Neutrality

Although your will should minimize disputes during probate and other processes, there’s a possibility that family members won’t approve of your executor. In these cases, they may contest certain decisions, which will delay the distribution of assets. To avoid these challenges, choose an executor with a neutral affiliation to your beneficiaries—such as an attorney.

5. Age

Naming an older individual to be an executor can be risky, as they may not be fit to fulfill the role when you pass away. That’s why estate planning attorneys often recommend choosing younger individuals—such as children, nieces, or nephews.

 

Choosing an executor is one of the many decisions you must make during estate planning. However, Scott & Heenan will help you simplify the process. These Platteville, WI, lawyers will guide you through every step of creating a will that accurately reflects your wishes and protects your financial assets. Visit the firm online to learn more about these services. Call (608) 348-9506 to schedule a consultation with an experienced attorney.

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