An executor of your will administers the will’s instructions in accordance to your wishes. Because the responsibilities of an executor are many, including accounting for all assets and paying all existing debts including taxes, it is important to select the right executor of your will.
So, who should be named executor of a will?
During estate planning in Georgia, most people select one of the following to be their executor:
You can pretty much choose anyone you know and whom you trust to be the executor of your will. Generally, you would want to select someone who is organized, trustworthy, diligent, honest, and has a great ability to communicate. Additionally, you should consider your family dynamics when choosing an executor. If your family already squabbles, you should not choose a family member who is also a beneficiary as your executor due to a conflict of interests. Instead, select someone outside the family such as a trusted friend.
Be aware that you cannot name the following people as executors:
- Minor children
- People out-of-state
Because people can change their minds, it is best to select an alternative executor in case your primary executor later declines the responsibility. Additionally, if you own complex assets, the executor you choose should have some tax and business knowledge or the necessary expertise. If you don’t know anyone to fulfill this role, you can hire an estate planning attorney.
For help setting up your estate plan or for any of your Georgia estate planning needs, call Shane Smith Law to speak with a Coweta County estate planning lawyer at (770) 487-8999 today.