While will creation is an essential aspect of estate planning in California, choosing the right executor is equally important. Your executor will resume responsibility for financial issues after you die, including satisfying outstanding debt and ensuring your assets are distributed appropriately. Because the decision is so important, Kiplinger offers the following tips on finding the best person for the job.
1. Keep Financial Matters in Mind
Depending on where you live, the court may require that your executor is bonded, which is a type of insurance. If the person you select has a poor financial history, the insurance company will be less likely to provide this person a bond (which affords funding in the event assets are stolen or otherwise lost). Personal financial security also indicates that your executor will be more responsible in general.
2. Choose Someone With Patience
Being an executor can be aggravating, especially if your family is at odds over your estate. That’s why finding a person with patience and emotion maturity is so helpful. Your executor will need to contend with many different personalities, file documents accurately and on time, and ensure that mistakes are promptly remedied. A person quick to fly off the handle or unwilling to put the work in will probably be a poor choice.
3. Name a Back Up Executor
In some cases, you may outlive your executor. That’s why it’s a good idea to name a back up in the event that the unthinkable happens. Your back up should possess the above qualities but should also be a bit younger than your first choice to ensure you’re not left without the necessary help when the time comes. There are a few different ways to name a successor in your will, so be sure to speak with your attorney on the best course of action for you.