
19 Aug How to Choose A Last Will Executor
How do you choose a last will executor? Choosing an executor is crucial when planning your last will. They’ll see to ensuring all beneficiaries, trustees, digital representatives, guardians, heirs, and stockholders get access to their finances, bequests, and assets/estate portions.
You should consider the complexity of your estate, financial acumen, and someone who has good judgment. Let’s discuss what to look for in a last will executor, who you should choose, considerations, and what else you may need in addition to an executor.
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What to Look for in An Executor
A good last will executor is trustworthy, has financial acumen, is well-organised, has judgment, can handle issues timely, and is impartial. It’s an integral part of writing a watertight will.
Trustworthy
You should trust your executor implicitly. They’ll have access to your financial information and personal belongings.
Financial Acumen
Your executor should have a good understanding of financial matters, paying debts, and how to distribute assets according to your wishes.
Organisational Skills
Being an executor involves mountains of paperwork, undergoing legal processes, and communicating with beneficiaries, trustees, digital representatives, guardians, heirs, and stockholders.
Good judgment
Your executor should have sound judgment and common sense to face the complex decisions that affect everyone included in your will. They should be able to think critically and maintain respect, even when dealing with difficult people.
Who Should You Choose?
This depends on the complexity of your estate, family dynamics, and who you trust. If your estate is especially complex, you might consider appointing a professional, such as an attorney, accountant, or trust company, who will handle the process for a fee. On the other hand, if you feel that a family member or friend who possesses the necessary qualities would do a better job while remaining impartial, you should opt for them. In the end, go with your gut.
It might be best to consult with one of Credit Boost’s attorneys when making a decision, We can provide tailored advice when making this important decision. Remember, this is the person who will protect your estate and legacy when you die.
Who Else Should You Appoint?
Remember to choose your executor’s successor in case they resign or are unable to execute the will. Look for a successor using the same checklist you chose your initial executor with. You can also choose that the court appoints an executor if you feel you can’t choose a successor.
Then, remember that you need to choose a trustee, guardian for minors, beneficiaries, pet directive, and digital representative.
Trustee
A trustee is who you choose to look after your minors’ (anyone below 18) estate. They can choose to remove money from their estate to pay for education and healthcare-related expenses.
Guardian
The guardian cares for minors in the case of your death.
Beneficiaries
This is who will receive your estate, assets, and stocks.
Pet Directive
The person you choose to look after your pet. You can choose to not appoint anyone.
Digital Representative
This is who will take care of your social media accounts and have access to your passwords and digital information, including banking information. You can also choose not to appoint a digital representative.
Ultimately, you should consider someone who you trust, has good judgment, and who can remain impartial when handling your assets and estate. If you need advice or assistance choosing an executor or writing your will, contact Credit Boost. We would love to help you and have a payment plan.