People spend a lot of time preparing for vacations, parties, and other luxurious activities. However, the majority of people do not put forth that same energy into estate planning.
Estate planning is a crucial aspect of life and not just for the wealthy. People with average income can invest in the forex and other investments that accumulate large sums of money or increase in value throughout their lifetime. To ensure these assets are well-distributed among your heirs, New Braunfels estate planning lawyers recommend finding the right executor for your will or revocable living trust.
So, what steps do you take to find the right estate executor?
- Do you trust them?
Trustworthiness is a must-have trait for any will executor. Before settling for a child, spouse, or friend, first gauge how much you trust that they will follow your wishes to the letter. Are they morally and ethically upright?
An executor is someone who has access to all your sensitive information. So, if you find yourself having even the slightest bit of doubt, scrap them off your list.
No matter how long it takes, make sure you entrust your will to someone who will execute your wishes to the letter, without any favoritism or biases.
- How well do they know you?
Your executor should be someone who knows you well and understands your wishes. It is not uncommon to see people leaving the execution of their wills to their therapists and other ‘unlikely’ people.
The reason being, these are people that the deceased has shared all the intricate details of their lives with. They are well-versed with the preferences of the deceased and are not biased in any way. Additionally, when worse comes to worst, they might be able to make critical life-changing decisions in regards to the will, when a need arises. Since they were close with the deceased, they are better able to know what he/she would do when faced with the same predicament.
- How are their organization skills?
Executing a will is nothing to joke about. It is an overwhelming and detailed process that requires someone who is very organized and pays attention to details. Failure to which, the will execution will not be done accordingly, leaving the family members unhappy.
- How well do they communicate
As stated earlier, the execution of an estate plan is a crucial process. The last thing you want is to entrust it to someone who cannot communicate your wishes as they should.
Furthermore, the execution process is often lengthy. You need someone who will keep up and communicate with your family with every latest development. Scenarios, where important details are omitted, can cause restlessness and uncertainty within your family members, which is something you want to avoid.
These are a few of the things you must consider before naming your executor. Factor in things like their availability, how well they can handle obstacles from family, and how respectful they are of your wishes.