As you create your estate plan, you have a lot of important decisions to make. One of the most important decisions that you have to make is the decision to choose an executor. The executor is similar to the voice of your estate.
According to Farm Bureau Financial Services, the executor administers your estate and implements your plan.
Choose someone you can trust
When choosing an executor of your estate, his or her trustworthiness and dependability should be among the important deciding factors. Your executor has to review your assets, pay creditors, determine your liability and settle your estate. This must be someone that you can trust with every part of your finances. While many people do choose family members or close friends, you can also choose an accountant, attorney or another professional as the executor.
Choose someone with financial experience
Your executor should be someone responsible and someone who has a clear eye for detail. He or she will have deadlines to track and documents to keep organized. If you spend your life ensuring your financial stability and protecting your assets, you do not want an executor who practices less caution than you. You do not need an executor that has no financial experience. A savvy executor will know how to guarantee that your heirs receive the full benefit of your assets and will try to minimize taxes and other costs.
To plan an estate, it is up to you to have an idea of how you want your legacy to be. You can paint a clear picture for your executor.