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Key Considerations for Choosing an Executor or Trustee

On Behalf of | Jun 27, 2023 | EstateLaw, EstatePlan, EstatePlanning, Executor, PersonalRepresentative, PersonalRepresentativeForMyEstate, Trustee, WillsAndTrusts

Choosing an Executor or Trustee: 4 Essential Considerations

Selecting the right executor (also called a personal representative in Arizona) or trustee is crucial when planning your estate. These individuals will be responsible for administering your assets, ensuring your wishes are carried out, and managing your finances. To make an informed decision, it’s important to consider the following key factors when choosing an executor or trustee.

Financial and Business Acumen with Trustworthiness
When selecting an executor or trustee, opt for someone who possesses a basic understanding of trusts, financial matters, and can be trusted to carry out your directives. Trustworthiness is paramount as they will be responsible for distributing your assets according to your wishes. Additionally, having some business sense will enable them to effectively manage your finances and assets.

Longevity and Health
Considering the age and health of potential executors or trustees is essential. While your parents may be loving and supportive, their age may hinder their ability to fulfill the responsibilities effectively. Choose someone who is relatively healthy and likely to outlive you, ensuring they can fulfill their duties diligently.

Objectivity and Familiarity
Selecting an executor or trustee who can maintain objectivity is crucial. It’s advisable to avoid choosing individuals with a personal interest in your assets, such as an ex-spouse or someone with a significant personal connection. Instead, opt for someone who is familiar with your affairs but can impartially handle the estate matters, ensuring fair and unbiased decisions.

Location and Availability
The role of an executor or trustee demands time, financial stability, and, ideally, proximity to you. Being an executor may require taking time off work, traveling, or attending to legal procedures. Select someone who is available and located near you to minimize disruptions to their personal life. This ensures that your plans and assets are efficiently managed and distributed according to your wishes.

Concluding Thoughts
Choosing the right executor or trustee is a crucial decision in estate planning. Consider their financial acumen, trustworthiness, longevity, objectivity, and proximity to ensure the responsible administration of your estate. By carefully evaluating these factors, you can select an executor or trustee who will diligently carry out your wishes, provide effective financial management, and ensure the smooth distribution of your assets.