Choosing an executor for your estate is an important decision. However, not everyone in Bucks County is up to the task of administering your estate upon your task. The following are some tips to consider when naming someone in your will as executor to your estate.
Tip 1: Ensure your executor can meet their responsibilities
Being an executor comes with certain responsibilities. They will have to promptly address estate manners, communicate with beneficiaries and sometimes make tough decisions. Sometimes a loved one is responsible enough to serve as an executor. However, other times a person will choose a professional such as an attorney, accountant or financial advisor to serve in this role.
Tip 2: Ensure your executor does not have personal financial problems
It is important that the person you choose as executor is in good financial standing. This means they do not have many creditors and that their assets are not subjected to any liens. Executors may need to be bonded, and a person with no credit history or a person who has declared bankruptcy in the past may not be able to obtain a bond.
Tip 3: Consider naming a younger individual as an additional successor executor
When you execute your will, you may name a spouse, parent or sibling as executor of your estate. However, if this choice was made years or decades ago, that person may no longer be capable or alive to serve as executor. For this reason, it is good to name a younger individual as a successor executor, in case your first choice is unable to fulfill this role.
Your choice of executor is important
It is important to ensure your choice of executor is someone who can meet the many responsibilities of the role. Sometimes a loved one can fulfill this role, but other times it is best that a professional fulfill this role. Bucks County residents executing a will may want to seek legal advice, which this post does not provide.