When doing your estate planning, a critical question is which person to name as executor of your estate. You want to put in place the right person for the job so that your estate doesn’t get mismanaged and lose value for your heirs.
Who is the right choice? Let’s review some of your options.
Should I appoint my spouse?
Many people do. After all, that person presumably enjoyed your full trust during your lifetime. But remember, too, that your spouse is likely to be grief-stricken after your death and may not be thinking clearly enough to make the decisions that must be made.
There’s still another downfall to consider. Depending on the circumstances of your death, e.g., a car or plane crash, your spouse could be killed simultaneously, which effectively leaves your estate without its executor.
What about siblings or adult children?
In some families, naming a sibling as executor is a good idea. Obviously, this will be heavily dependent on your family and your relationships with your siblings, as some could lack the necessary management skills to administer an estate.
Appointing an adult child has many of the same pros and cons as appointing other relatives, but with an added caveat. It’s probable that all your children are heirs and beneficiaries of your estate. In some cases, naming one child to administer the estate can backfire if the executor’s siblings believe there is a conflict of interest on the executor’s part.
Should I name co-executors?
Some people do just that. However, both co-executors must be willing to work together to settle the estate and disburse its proceeds, so keep that tidbit in mind when discussing your estate plan with a professional.