Estate planning is all about choices. One of the biggest you will have to make early on is who you want to place in charge of dispensing with your will and estate.
Deciding who will become the executor of your will comes down to various factors. If you are unsure how to proceed, take a peek at some tips that may help guide your way.
Is age a factor?
Age should come into play when deciding who will lead the charge through succession. If you are creating an estate plan as a younger individual, you want to choose someone at least of similar age. If you are revising your will as you have aged, a younger executor makes more sense. Either way, you should discuss your decision with the person you choose before memorializing it, as he or she has the right to decline.
Do you have to choose a relative?
The standard practice is to choose a relative to represent your estate. This may work out in many circumstances, but the key is to pick someone who you feel is trustworthy and responsible. The executor will have access to your accounts, property deeds and heirs. The executor is a powerful position in the succession process, and you want to choose a responsible representative.
Does the executor have to live in-state?
An executor does not have to live in Louisiana to handle the succession process. However, an in-state representative has an advantage. The executor has to perform the following duties:
- Selling property
- Paying debts
- Informing beneficiaries
Speaking to someone who can guide you through choosing an executor is crucial to your estate’s success. However, only you can make the final decision on who will represent your wishes.