One of the things you need to do when creating your estate plan is elect someone to execute it when you die.
As you will have no means of recourse once you are gone, it is crucial to put some thought into finding the right person now. Here are some essential qualities to look for in your executor:
Whoever you name will not quite have free rein, but they certainly can do a lot of damage should they so choose. Hence most people choose a close family member or friend or nominate a professional.
Your sister may be able to do it in her sleep due to her financial prowess. Yet if she works 70 hours a week in New York, finding the time to do it could be too difficult. Besides, there are many little tasks involved which are much easier if you live in the same area as traveling is time-consuming and expensive.
It’s also best to choose someone your age or younger to increase the chance they are still alive and able to fulfill the role when needed.
Executing an estate can be a thankless task. The executor may face suspicion from beneficiaries who fail to understand how long the process takes or are paranoid about losing out. Hence it is crucial you find someone willing to do this for you out of love or friendship. Unless, of course, you choose a professional willing to do it for financial reward. While amateur executors can claim some payment, it is relatively small for the work involved, so it is definitely a labor of love or duty.
Once you have someone’s agreement, seek legal help to document it in your estate plan. That way, you know that your future plans are secure.