HOW TO SELECT AN EXECUTOR FOR YOUR ESTATE
Oct. 28, 2019
When a resident in Alaska decide it is time to create or update their estate plans, one of the things they will need to address is the identification of an executor for their will. This is a decision that should not be taken lightly as being named an executor of a person’s estate is not a privilege but a responsibility.
As noted by Forbes, many people defer to naming one of their adult children as their executor. They may often select the eldest of the siblings or perhaps the child who lives closest to them. This, however, may not be the wisest option, especially in families with multiple children as it can breed resentment and conflict that may even contribute to legal disputes about the will’s terms.
Kiplinger recommends that a good executor should be someone who is known to be financially savvy so that they are able to understand the sometimes complex situations that arise when managing an estate. They should also not be experiencing any financial hardships on their own, as such a person may have a higher inclination to attempt to benefit from their position as executor. An executor should also be someone who has been known to exhibit wise and prudent decision-making skills and can appropriately assess situations and handle difficult concepts, including disagreements among family members.
A person may choose to name multiple co-executors if the persons are able to work well together. A successor executor should also be named in the event that the first choice person is not able to serve when the time comes.