The person you choose to be the executor of your estate could be a relative, trusted friend, or even a professional such as an attorney or financial planner.
In some cases, your choice for executor may be very clear to you. If your spouse, for example, already knows your finances well, is skilled in the types of duties required, and is “ready, able, and willing” to take on the responsibilities associated with this role, it may be logical to designate them as executor. You may also have an adult child who first comes to mind as the best fit for this role. However, there isn’t always an obvious best choice.
Here are aspects to consider when it comes to your choice for executor of your estate:
Familiarity. Often, it is ideal to choose someone who knows your circumstances and who knows you and your family well. This individual would understand the importance of carrying out your wishes.
Organizational skills. Since the executor has a wide variety of responsibilities, you will want someone with strong organizational skills.
Financial and legal acumen. Having a finance or legal background can be very helpful, but this is not required. An executor may also choose to hire professional advisors for guidance.
Stability. It is important that an executor remain levelheaded through trials and potentially turbulent situations. It is best to choose someone who can avoid being drawn into family conflicts.
Don’t forget to name a backup
Make sure to also name a successor executor should the initial executor be unable to perform the duties. You may also consider naming co-executors, (especially if one of the appointed executors is a professional), although this can slow the process when two parties must coordinate and work together.
Choosing the best executor can help the distribution of your estate go much more smoothly and play out according to your wishes.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Deerfield, Illinois office.
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