Getting your estate plan together is a relief for most people. Just knowing that it is all done can bring you a sense of peace. One factor that you have to think about when you are making the estate plan is who is going to be the executor of the estate.
Choosing an appropriate executor is important because this person can have a serious impact on your estate when you are gone. This means that your loved ones might not be able to get everything they should from the estate.
The executor you name should be someone who has common sense. It isn't necessarily crucial that the person has experience with the process. Of course, if you can find someone who has experience and common sense, you might think that you've hit the jackpot.
Another important factor is trying to find someone who has a good chance of still being alive when the time comes. You might think that an older person would be more responsible, but if they are very old, there is a chance that they might pass away before you. Then, you would have to start the process of deciding who to name as executor all over again.
This brings up another important point -- you need to review your estate plan periodically to make sure that everything is still valid. When you do this, review the person you named as the executor and determine if that person can still handle the job for you. This can help to avoid potential issues for your loved ones while they mourn after your death.
Source: AARP, "Choose the Right Executor or Trustee," G.M. Filisko, accessed Aug. 11, 2017