Choosing the right executor is essential for a successful estate plan. Not everyone has the necessary legal and ethical qualifications. Even if you can legally appoint someone to be the executor of your estate, they may not have the capabilities in other areas.
Continue reading for tips on choosing an executor. Your decision might impact your beneficiaries, so do not settle for an unqualified administrator.
First, you need to understand the legal requirements. Florida does not impose stringent limitations on people administrating estates. However, according to the Florida Statutes, they must not:
- Be under 18 years old
- Have a felony conviction
- Have a conviction of abuse, exploitation or neglect of a disabled adult or elderly person
- Be unable mentally or physically to perform the duties
Verifying the legal requirements is only the first step. Next, you must make an educated decision based on more subjective qualifications. If you know someone responsible, punctual and ethical, they may be suitable as an executor. Remember, you do not need to hire a friend or family member. If you cannot trust anyone to perform the duties, hire a trained professional.
You might consider a younger successor to support your first choice. Things happen, and you need to prepare for contingencies. Your first choice might pass away or step down from the role. A successor might be a specific person or someone qualified according to certain parameters in your will.
The executor of your estate handles everything after you pass away. Please do not leave it to someone who will misallocate your possessions.