It may be difficult to select the person who will be responsible for managing and distributing the assets in your estate after your death. A recent article offers five tips to determine whether you have selected the right executor.
- Consider Expertise, as Well as Common Sense: While you can hire a business or professional to act as the executor of your estate, this isn’t always necessary. Most estates could be administered just as well by a family member who has a basic business sense, and isn’t afraid to involve an expert if necessary.
- Select Someone Who Will Outlive You: If you executor predeceases you, he or she necessarily cannot act as the executor of your estate. It is therefore vital to take into account any potential trustee’s age and health. Additionally, name a secondary executor just in case.
- Review Your Choice: Finally, review your decision in several years. A good choice now may not be what you would want several years down the road. After you die, your named executor has the opportunity to serve unless he or she refuses. Therefore, it is largely possible that the person you would no longer want would execute your estate.
For expert assistance in selecting an executor for your estate plan, contact us at (626) 696-3145.
