When you create your will, one of the most important things you need to do is choose your executor. This is an important role that comes with the responsibility of taking care of the probate process, estate inventory, payments and notifications, final tax returns, and distributing your assets. You need to choose someone who is reliable, organized, and honest enough to carry out your estate exactly as you planned. To help you make a well-informed decision, here are some of the factors to consider when trying to decide who should be the executor of your will.
Family Dynamics
The majority of people prefer to choose a family member as their executor. While this can be a more comforting choice, it’s not always the right one. If your family is already experiencing conflict, then choosing one over the other as an executor will only lead to more problems. If this is the case, you may want to select a reliable friend or a third party to carry out your will.
Health and Resilience
Your ideal executor should be of good health and younger than you. They’ll also have the patience to carry out the lengthy process and deal with government agencies and the banks. Being the executor of a will is a truly stressful responsibility to — they need to be ready for that.
Proximity
It’s essential that the person who you choose lives in the same area as you. It’s not only easier to deal with the process when you’re close by, but it could also speed up the process. There may be regulations in place that will prevent you from choosing someone outside of province or state. It’s important to check with your local jurisdiction to find out what is required if you decide to go this route.
Experience
Although a degree in finance and accounting is not required to be an executor, it’s always wise to choose someone who has experience working with finances in some capacity or is willing to do the research. There will be a number of documents and tax forms that will need to be filled out, followed up on, and managed into the future, so it’s important to choose someone who is comfortable with bookkeeping and dealing with all the relevant agencies.
Deciding who to assign as the executor of your will is an important decision and one that should be given careful thought. At The Beacon Group of Assante Financial Management Ltd., we are dedicated to managing and securing the finances and assets entrusted by our clients. Contact us today to learn how we can protect your legacy.
