How To Choose The Executor Of Your Will

The role of executor is a big responsibility, from filing your will with the court to paying off your debts, closing your accounts, and ensuring that your remaining assets are distributed according to your will.

This shows that the person chosen for this role needs to be both trustworthy and organized. They also need to be able to balance this job alongside their other life responsibilities.

It is important to discuss your expectations about your financial planning, too. This does provide the person you are asking to be your executor an opportunity to gain a full understanding of your wishes, and it does allow for them possibly turning down this role because of the responsibilities.

These same general attributes should apply to a trustee if you create a trust as part of your estate plan, too. You can choose a professional such as an attorney, accountant, or a trust company (or trust department at a bank) to fulfill these roles if finding someone in your personal life for these jobs is too challenging.

Married couples often name one other as executor, but it’s important to carefully choose a backup person.

Executors are also paid a fee based on state law, although some individuals choose not to receive the pay.

Power of Attorney

You may consider creating two separate POA documents: one for health-care decisions and one for financial decisions. A number of people may choose two different individuals to serve in those roles.

The person with the power-of-attorney designation on the medical side can make important health-care decisions when you are unable to do so. If you have a living will in place, this can help guide their decision-making. Like with an executor, you should make sure this person would be comfortable in that position and also communicate your wishes with them in advance.

For financial powers of attorney, the person you choose should have the same characteristics as the executor. They should be able to handle your finances, pay your bills, and handling other money matters on your behalf if you cannot.

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