Who Should I Choose as the Executor for My Estate?

 Posted on June 26, 2023 in Estate Planning

Your choice of an executor for your will is crucial. This person will perform a vital role in administering your estate. Your heirs are relying on the executor to properly execute their duties. You should look for certain qualities in the person who you will trust. A Texas estate planning attorney can help review your situation and advise you on your choice.

Pick Someone Trustworthy

Above all, the person whom you select should be dependable. The executor takes on fiduciary responsibilities to the heirs that they must uphold. The executor may be transacting on behalf of the estate, and they must be trusted to do the right thing. In this context, the “right thing” means both that the executor uses reasonable care, and they put the estate’s interests above their own.

Select Someone with Financial Savvy

The executor may be called on to perform financial transactions on behalf of the estate. They may need to sell estate property or respond to creditor claims. The executor should be someone who is familiar with financial principles. While they do not need to be an expert, they should have some degree of financial literacy. 

The Executor Must Have Patience

Probate can be a difficult and time-consuming process. Unfortunately, nothing happens quickly in probate. The executor will need to fill out paperwork and go through a tedious process. Then, they may need to deal with other family members who can make their job more difficult. They could be challenged and pressured by other heirs in the will. How the executor handles their own responsibilities can help determine whether the estate is held up in probate. 

Consider a Backup Plan

There is a chance that you may need to replace the executor at some point. You may outlive the person who is listed in your will as the executor. You should have a Plan A and a Plan B in case you need to switch executors in the future. If you pass away, and there is an outdated selection in your will, your family will struggle. 

Contact a Flower Mound Estate Planning Attorney Today

To learn more about how to protect your personal and financial interests through estate planning, seek the help of a Denton County estate planning lawyer. You should get legal counsel, both when you are drafting your will and when you need to make any changes. Call an attorney at Colbert Law Group PLLC at 972-724-3338 to discuss your estate planning needs. 

Source:

https://www.kiplinger.com/article/retirement/t021-c032-s014-7-tips-for-choosing-the-right-executor.html