Naming an executor for your will is a vital part of estate planning. This person will handle your assets, settle debts and distribute your estate with respect to your wishes after you’re gone.
A good executor can make things easier for your loved ones during a tough time. On the other hand, choosing the wrong person might cause delays, arguments or even legal problems.
What should you look for in an executor?
When picking an executor, you should think about certain qualities and situations. As you think about this important choice, consider these key factors to help you make the best decision for your situation:
- Trustworthiness: Pick someone you trust completely to follow your wishes.
- Financial literacy: Choose a person who understands basic finances and can manage money well.
- Availability: Your chosen executor must have enough time to take care of your estate.
- Level-headedness: Select someone who can handle family disagreements calmly and fairly.
- Capability: Try to choose an executor who will likely outlive you and be healthy enough to do the job.
After thinking about these things, you might decide that a family member, close friend or professional executor is the best fit. Don’t forget to talk to your chosen executor about the job to make sure they understand and want to take on the responsibility.
Legal considerations for Michigan residents
Michigan has specific rules about executors that you need to know when choosing. Keep these legal points in mind:
- Age: Your executor must be at least 18 years old.
- Criminal record: People with felony convictions might forbidden by law from serving as executors.
- Where they live: Michigan doesn’t say executors have to live in the state, but those who live elsewhere might have extra paperwork and court visits.
- Money guarantee: The court might ask your executor to put up a bond unless your will says they don’t have to.
Selecting the right executor for your will takes careful thought. By looking at possible choices based on their personal qualities and the legal rules, you can pick an executor who will respect your wishes and take good care of your estate.
