How to Choose the Right Executor for Your Estate
Posted on Jun 7, 2017 1:35pm PDT
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.
Categories:
Estate Planning, Estate Administration