Estate planning is an important process that allows you to ensure that your loved ones are looked after once you are gone. One of the most important estate planning instruments is a will. This document can facilitate the distribution of your assets, your debt obligations and much more.
It is the duty of the executor to oversee all of these tasks and effectively step into your shoes once you are incapacitated. This is a crucial job and you have the ultimate say in who shall fit the role. What is the best way to go about choosing an executor?
Are family members a viable option?
You are perfectly within your rights to nominate a close family member to be the executor of your will. However, there are numerous factors to consider before doing so. Sadly, inheritance disputes are a common source of disputes among families. It is vital to consider the optics of the situation. Could other members of your family perceive your nomination as favoritism and is there any chance of that person abusing their position of authority?
How responsible is your candidate?
It is in your best interests to choose an executor who is responsible across the board. Will your chosen executor take the role seriously and perform all of the designated tasks to the best of their ability? Do they have a track record of making savvy financial decisions? If the person you have chosen has previously gotten into serious financial difficulties through reckless borrowing or spending, it may be worth taking a little time to reflect before committing to a decision.
Choosing the right executor is a pivotal point in the estate planning process. As you make plans for the future, be sure to examine your legal rights in the state of Florida.
