The executor of your estate is the person who takes care of your property and assets after you die. You name the executor in your will, and it is really important that the person you choose is up to the job. Here are some tips on choosing an executor.
You Don’t Need To Choose a Financial Expert
If the person you want to serve as your executor has some experience with estate administration Ridgewood NJ, that can be helpful. However, it is not required. It is more important that the person is organized and can exercise common sense, which might mean consulting a professional if necessary.
You Should Choose Someone Who Is Mature and Healthy
While the laws may vary by state, generally an executor has to be at least 18 years old in order to serve. Otherwise, there are no age limits. Nevertheless, you should take the person’s age into consideration. An 18-year-old may legally be an adult but may not have the necessary maturity to handle the job. A person who is already in their 60s or 70s may have the necessary maturity but may not be available to serve when needed. Choose someone who is mature and likely to outlive you. If you are concerned about the executor not being available, you can appoint a backup.
Aim To Avoid Family Conflict
In many places, there is no law against choosing family members as executors. However, you may want to reconsider this decision. Unfortunately, conflict among relatives is very common after a death in the family. It may be easier for relatives to accept your decisions if they come from someone outside the family who doesn’t have anything to gain.
A will is not an irrevocable document. It can be changed or updated as many times as you need. Therefore, you should check in with your chosen executor periodically and ask whether he or she is still willing to serve. If not, then pick someone else.