When people get older and begin to do their estate planning, an important task is to appoint an executor. This is a person who will take charge of the person's estate upon his or her death, so it has to be someone responsible and competent. People often appoint their children as executors, but if you don't have children, you obviously can't take this conventional step. As you start to think about planning your estate and choosing an executor, you may feel anxious about how you should proceed. Here are some valuable suggestions as to who can fill this role.
An Attorney
Perhaps the best option for choosing an executor when you don't have a child who can perform the role is to hire an attorney. Many attorneys specialize in estate management, so you can be confident that this person will do a good job. Unqualified family members can often run into trouble when performing the role of executor, and it can also be stressful on them during a time in which they're already contending with some degree of guilt. Even if you develop a relationship with the attorney and he or she mourns your death, you know that this professional will know exactly how to handle your estate.
A Niece/Nephew
Asking an adult niece or nephew to serve as your estate's executor can be another idea to consider when you don't have a child who can perform these duties. You'll want to evaluate your relationship with your nieces and nephews and choose someone who always shared a close bond with you. There's little question that being an executor is a lot of work, and someone who barely knew you may be resistant to take on this challenge — or, worse, he or she may accept the role but then not fulfill it as required.
A Former Business Partner
If you ran a business with a partner who was significantly younger than you, this person can be a valid candidate for the role of estate executor. There are several advantages to choosing this person. For example, he or she will be someone you trust, given the business connection, and the fact that he or she is younger means that you'll likely pass away before this person. The person will ideally want to honor you by doing a good job of this responsibility. Whenever you talk to someone about this role, it's a good idea to get some brochures from an attorney's office so that the person will know what is expected.
For more information about planning your estate, contact legal professionals like Christena Silvey Coleman CSC Law, LLC.
