Appointing the right executor is as vital as preparing a Will. A Will is last instruction you give during lifetime and you will need a trustworthy person to channel the wealth to your desire beneficiaries in smooth and timely manner. To become an executor, one needs to fulfill certain criteria.
First, make sure you know the duties and liabilities of an executor ? What is the 1st thing you should do when the person appointing you passes on ? Do you know where to search for their assets and liabilities ?
Second, does he/she agreed to act as my executor ? This is vital because executor job can be very tedious and takes time if the 1st step of estate planning (which is Will writing) not done properly. For example, a simple Will which do not state each and every assets might give your executor a hard time to just dig it out. Also make sure they aware of this position because appointed executor do have the right to reject the position.
Third, does the executor have the time to do the job ? If the executor you choose is an employee of a company or always busy with their day to day work, he probably cannot act full time just settling the wealth transfer process. This will prolong the time of inheritance for your beneficiary.
Forth, is the executor of your choice trustworthy ? This criteria is upmost important because before the assets going to be distributed to beneficiary, this assets have to be hold under the care of executor. Why is it so ? Because, before an executor can distribute the assets, he/she have to 1st pay all the debts the deceased has. Be sure the executor didn’t mix up what the deceased own and what he himself own. Or else, this can be very messy, and it can be worst if the executor also pass on half way during the distribution.
Fifth, can the executor live longer than me and all my beneficiaries ? Age and health can become a factor to consider when choosing an executor. If you choose someone who is at old age, he/she probably not fit to take up this job due to health issues or unforeseen circumstances. What if you set up a testamentary trust inside your Will ? Can the executor outlive the trust ?
Looking at all the circumstances, it is advisable for you to choose your executor wisely. Find someone or a professional entity who have all the YES to the above answer. Don’t risk this most important part, because when we write a Will we would want to make sure it takes effect as per wish.
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