Choosing an executor for your will is one of the most critical steps when planning your estate. Your executor has control over paying off your debts, filing your will and distributing your assets. Picking the wrong person could slow down the process after you pass.
CNBC explains the importance of choosing the right executor for your will. To ensure you make the right decision, consider avoiding the common mistakes others make.
Choosing someone without asking
Some people appoint a person as the executor of their will without saying a word prior. They may feel that their close friend or family member is the only choice. However, executors have a lot of responsibilities. Even if a person knows you well, they may not have the knowledge or time to handle the role. For example, if you know someone with a heavy work schedule or a caregiving role as a parent, he or she may have difficulty performing the executor’s responsibilities. It can take up to 16 months to settle an estate. The person you ask needs to have the time available.
Forgetting to revisit the will
Your will needs updating regularly. Your life may change and your relationships may change. If you name an executor when they have free time or have good health, you may have to change it if something happens to them down the road. Likewise, you need to make regular changes based on your significant life events.
When choosing an executor, trustworthiness is the essential quality. It should always be someone you can trust to handle your estate and honor your wishes to the best of his or her abilities.
