Choosing the right executor or trustee makes a difference in your estate plan. Picking the wrong person could mean that the trustee or executor makes decisions that affect your estate poorly.
What should you know to help you make the best decision when appointing a trustee or executor? Here are a few tips.
Choose someone close by
It's important to find an executor or trustee who is close enough to act when necessary. You don't want to have someone in another state working on your behalf, because he or she won't necessarily be there in your times of need. Additionally, choose someone who is younger; choosing someone your own age could mean they've passed away by the time your estate needs to be dealt with.
Update your estate plan regularly
If you update your estate plan regularly, it will help you make changes in a timely manner. Did you have a falling out with your previous executor? No problem, simply change the executor in your estate plan. If you forget to update regularly, you could find that the person you don't want handling your affairs ends up doing so.
Consider having more than one trustee or executor
If you worry about giving one person too much power over your estate, consider giving the power to two or three people. That way, they can work together to come up with good solutions to problems and can divide up their time to handle your affairs more efficiently.
Having the right trustee or executor makes a difference. Your attorney can help you decide who to put in charge of your affairs.
Source: AARP, "5 tips for a decision that can make or break estate planning," G.M. Filisko, accessed Nov. 08, 2017