Doing The Right Way

Factors to Consider when Choosing an Executor in your Will

Death is an inevitable fact of life. It is why it’s essential to prepare for it. One of the best ways to do this is to draft a will, not only for the wellbeing of your dependents but also your peace of mind. As you prepare this document, you will need the help of a legal practitioner, known as an executor, who will handle the administration and management aspects of your wealth. An executor is either nominated by you or by the existing court in the absence of a will. Here are some of the factors you should consider when choosing an executor for your will.

Experience. An executor’s job is no mean feat. It requires extensive knowledge and expertise, not only of the existing laws but also of the deceased’ estates and businesses. It is not an easy task, especially when the asset value is exceedingly significant. This is why you should consider hiring an experienced executor, possibly with an extensive portfolio of successful work.

Trust. As much as an executor will be handling overseeing the administration of your assets, he/she will deal with very personal information regarding you or your family. In certain instances, especially where there is family infighting over wealth, your executor may be forced to take on additional roles. He/she will be the guardian of your property and your dependents’ future. This is the reason why trust is an important consideration when choosing an executor in your will. Choose one whom you are truly comfortable with, if possible, one who knows all the nitty-gritty details about you and your estate. You should choose a trustworthy executor who can administer your estate objectively and with integrity.

Legal fees considerations. Evaluate how much your executor charges against different portfolios. You should be made aware of all the costs involved; the costs of administering, and expenses of finalizing the estate. These charges may also include additional taxes and other statutory fees; which may vary depending on the value of your assets and complexity of all factors involved. Different executors charge extra for legal advice as well and financial consultancy. You should have a portfolio of two or three different executors to choose from. Choose the best.

Communication. Working on legal matters involves a lot of paperwork and work, which means that there will be a lot of conversation. A right executor should maintain regular and proactive contact with you, even on the minute details. He/she should also explain the legal environment, concepts, and statutes that pertain to law and the administration of wealth. For instance, some of the terms in law may be difficult to understand. Your executor should explain the jargon in simple terms so that you can understand.

Choosing the right executor may take time and effort, but it is definitely worth the effort. A right executor should ensure your welfare is met. This will give you peace of mind and ensure that your best interests are taken care of even after you die.

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