When it comes to estate planning, the most important decision you will make is who will be the executor of your estate. This person will be responsible for distributing your assets according to your wishes.
Michigan does not have strict rules when it comes to an executor’s qualifications. The person you select just has to be a legal adult. While it may seem difficult to find the right person, with a little bit of research and preparation, you can make the right decision.
Find someone you can rely on
Your executor will have to access certain parts of your estate, such as bank and investment accounts. A lot of this is sensitive information that you need to keep out of the wrong hands. Therefore, it is important that your executor is trustworthy and careful.
Part of an executor’s job is monitoring a will’s progress and the assets’ distribution. An executor will also have to keep records of their activities, as required. It is important that the executor is responsible enough to keep up with their tasks so they can make the process as smooth as possible.
Do research on the person
When people select an executor, they often pick someone they already know. However, if you are thinking about making someone your executor but you do not know them well, you should do some research on the person. You may want to conduct background checks and interviews. For example, you can check their credit history and interview family members, friends and coworkers.
While you may want to get the process over with, do not rush anything when selecting an executor. With the right amount of care and diligence, you can find someone who is suitable for the job.