How to Choose the Right Executor for Your Estate

Everyone who makes a will must choose an executor – the person who will be responsible for handling your estate after you are gone. Since an executor can affect how your estate will be distributed and how much tax your estate will pay upon your death, the decision is an important one. Here are some tips for choosing the right executor for your estate:

Structure your will first. Before you name an executor, decide who will be receiving assets from your estate and how those assets will be distributed. More complex estate planning strategies like tax-saving trusts could mean your choice should be familiar with both legal and financial matters.

Spouse. Most married couples choose each other to be the executor of the other’s estate, but if your spouse lacks financial knowledge, you may also want to name a more knowledgeable co-executor.

Children. The second most popular choice is a child, but if you have more than one, you may be unintentionally causing hard feelings.

Business partner. If you own a business with partners or have trusted business associates, you could be tempted to name one of them as executor, but be sure you are able to steer clear of any potential conflicts of interest if you do.

Advisors. You could name an estate planning attorney or financial planner as your executor, or include a provision in your will requiring your executor to seek professional guidance.

Corporate trustee. These could be a good, albeit costly, choice if you want special expertise.

It is helpful to choose an executor who resides in the state where you live and where your assets are located.

The Dorcey Law Firm, PLC, provides effective estate planning and estate administration services to Florida residents. Contact our Fort Myers law firm for your free consultation.