During your estate plan, you have to choose your executor. According to CNBC, your executor is the person who makes sure that medical professionals, families, friends and the legal system honor your wishes when you die.
Choosing an executor is a critical part of the process. While many choose family members or close friends, you must determine which person suits your circumstances.
Professional vs. family
When deciding between a professional and your family members, think about which family members you trust as your executor. This should be someone you know will honor your wishes and that you trust will know what you want. In addition to trust, this should be someone who can handle the responsibility. Remember that your family and friends will be in the midst of grief too; you need someone who can handle hardship and carry on professionally.
It helps to have someone with financial knowledge and time to work on your estate. Settling a will or a trust takes time. You do not want someone who cannot afford to miss work or has a large family to care for. If you have no one who has financial knowledge or the ability to handle the estate, you may want to consider a financial advisor as executor.
Current vs. future executor
Once you name your executor, do not forget about your estate plan. The person you choose right now may not be appropriate in the future. For instance, as you age, your relationships with people change. Your estate plan should change with major life changes. Likewise, your executor could have life events that make it more difficult for him or her to carry out the executor’s duties.
Make sure you revisit your estate plan regularly and after every life event.