Many people put off making their wills for a variety of reasons, from believing their estate is too small for the need to fearing all the paperwork and questions involved. According to U.S. News, the more specific individuals are when writing a will, the simpler it is for their heirs to collect any inheritances.
One vital factor to consider when making a will is who to choose as executor, and there are several points testators may want to ponder before making this important decision.
When people set out to write a will, they may want to make their spouses or children or even a trusted friend the executor of the document. While this can work out to everyone’s advantage, Farm Bureau Financial Services note that the chosen individual will have many responsibilities to discharge and therefore must have a variety of characteristics, including:
- Strong ethics
While several people in the family or close friends of the testator may fit the bill, it is wise that whoever the will author chooses has as many of these qualities as possible for greater peace of mind. Also, because relationships often change due to divorce, personal disagreements and death, those who make a will many want to choose a second executor and/or update their will as often as possible.
Location of executor
Those preparing to write a will may want to consider whether their chosen executor lives close by. While this is not a mandatory factor, probate and other court duties may keep an out-of-town executor away from home for many months.
Making a final choice
Choosing an executor is a personal decision that may depend on an array of factors, and will authors may want to take their time doing so. Making a list of candidates and interviewing each may help them make the most informed choice.