You're getting older, and you know that it's time to appoint an executor or trustee to your estate. You want to protect your assets and estate as much as possible while still giving your beneficiaries the things you've saved for them.
Since you already have a trust or will, it's important to appoint the right trustee or executor. It's not as difficult as you may think.
First, you should consider someone who is not afraid to ask for help. Those who think they know everything about estate planning may be the same people who make significant errors. Choose someone who is willing to seek assistance when he or she is not sure what he or she is supposed to be doing.
Another thing to consider is how you know the other party. Is it a friend who lives close to you or someone who lives in another state? It's better to choose someone who is near you and able to administer your estate closely after your death. Additionally, choosing someone who is in good health helps guarantee that he or she will be available to take on the administrative duties when the time comes.
Finally, remember that you can change who you choose as an executor. There's no reason to think the person you choose today is the only person for the job years from now. Update your will and trust every few years, so it's up-to-date with your life and current needs. Our website has more information on what you should do if you want to update or create a will or trust now or in the future.