If you already have a start on your will or trust, you are on the right track. One of the biggest decisions you have to make is to assign an executor or trustee. AARP warns that choosing the wrong executor for the job could have serious consequences.
Avoid these three mistakes to ensure you make the best possible choice.
Choose a person you trust but has little experience
While you should always trust your executor, you should not choose a person based solely on the fact you trust him or her. For example, if you have a large estate with various financial accounts, you may think a financial advisor or other professional may serve as executor or trustee better than someone from your personal life. However, you do not have to choose someone with expertise. In fact, choosing someone with common sense may be just as successful.
Choose only one person for the role
While assigning one person to be executor or trustee may be typical, you can assign a team. If you have substantial assets, it may help to have a team. When you leave your estate to one person, it may feel overwhelming and tense for the person to carry out your affairs. When you have multiple people, they can rely on each other and brainstorm ideas, rather than the burden being solely on one person. Keep in mind when you hire a team, you should not choose people who may argue over your estate.
Whenever you create a will or trust, check back every few years to ensure that nothing changes. Changes in relationships can happen at any time.