When you draft a will, you have to name an executor/personal representative for your will, or else the State will choose one for you (a process that will likely cost attorney fees and a few months of time). The executor’s duty is to marshal all of your assets upon your death, pay your outstanding obligations as required by law, and then make a distribution of the remaining proceeds consistent with your instructions in the will.
Very little online guidance is available to provide assistance for choosing the right executor to serve for you.
Some factors that you should consider when making your choice:
#1. Likelihood of Actually Serving: Ideally, you want to choose someone as your executor who is younger than you. If you choose one of your peers to serve as an executor, he may die before you. In that event, you may have to go through the … Read the rest of this article!