Who's In Charge?

An executor or successor trustee is arguably the most important person you'll name in your estate plan. They'll be responsible for a whole host of issues related to your estate, from paying down debt you've left behind to distributing your assets to beneficiaries.

I always say, put your least favorite child in charge of your Will. They will be the one responsible for representing the estate in the probate process. Not only is it a lot of work, but the executor is the one blamed for delays and huge costs paid for by the estate and not given to children as an inheritance.

I also say, put your favorite child in charge of your Trust. A trust avoids the headache of probate.

Either way, you'll want to choose someone who's responsible, someone you trust. They will be making sure your last wishes are respected. It's a good idea to ask the person you've named if they feel comfortable serving as an executor. It's a big responsibility for anyone.

 

Can an Executor or successor trustee be an Heir?

Not only can you name an heir as your executor, it's actually very common. Close friends and family members are often the people we trust most as well as the people we'd like to remember us and inherit our life's assets when we're gone.

 

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