A will is a vital component of any estate plan. This document outlines how your assets will be divided upon your death. You may also have provisions in place for who will care for your minor children if something happens to you.
The person who is tasked with ensuring that your final wishes are honored is referred to as the executor. As part of your estate planning, it is up to you to appoint the person for this role.
Whom can you appoint?
There aren’t too many restrictions on who can be an executor in Minnesota but there are some. The person you appoint must be of sound mind and they must also be at least 18 years old.
Are they up to the task?
Many people opt to appoint family members to ensure that their final wishes are carried out. This makes sense because family members are often among the most trusted people in our lives. There are some drawbacks, however. Could other family members become disgruntled and jealous? Will the added pressure of dealing with your estate be too much for your loved one on top of grieving?
While the probate process can often run smoothly, it’s important to remember that it may take several months. Can your chosen executor really give up this much of their time?
You’re not limited to just one executor, and you can also opt for individuals who deal with these matters on a professional basis. Seeking some legal guidance while coming up with your estate plan can really help put your mind at ease.