If you are just getting around to doing your estate planning, one of the most important questions to ponder is who to appoint as executor. This pressing question needs to be resolved before you can move forward with your estate plan.
So, who will be the best person in your life to ensure that your estate is properly executed? Consider some of the following information.
What about spouses and relatives?
You definitely want to appoint someone whom you trust, so your innermost family circle is often a good place to start. One potential problem with naming a spouse, however, is that if the two of you are in a life-ending accident, you will no longer have an executor.
The go-around for that is two-fold, as you can either appoint another trusted individual as co-executor or you can appoint a secondary executor to administer your estate in the event that your first choice is unable or unwilling to do so.
The problem with co-executors
Any co-executors you consider appointing should be willing to work together to settle the estate. If they are heirs with competing interests, this could complicate the situation. In worst-case scenarios, litigation can arise from disputes between co-executors.
Have the talk first
Before you commit your intentions to writing, it’s important to first discuss your plans with your intended executor. They may not want to take on that responsibility, or are willing but concerned about the time constraints involved.
Any concerns that you or your future executor have can be addressed before committing your intentions to writing. Learning more about New Jersey estate planning laws is always advisable.
