Choosing an executor for your Pennsylvania estate is a serious decision. The executor is the person who handles your final affairs after your death. There are several things to consider before choosing who will fill this role.
Is the person trustworthy?
Estate planning is when you consider the type of people in your life. You’ll likely want an executor who is a friend or family member. You have to ask yourself, who is responsible enough to take the executor role seriously? If no one fits the bill, you can choose an accountant, lawyer, trust company or bank to serve as executor.
Does the person qualify for the role of executor?
The person you choose as an executor may or may not qualify for the role. It’s your responsibility to check before making your choice. If a person has a criminal history, is a non-U.S. citizen or is a minor, they likely will not get approved as an executor.
Is the person financially stable?
The executor should have a good financial history. In a worst-case scenario, the executor can take your funds or sell your assets and skip town. Because of this possibility, some courts require an executor to get bonded.
Being bonded means the executor has insurance that pays beneficiaries should the executor run away with your assets. However, a person with bad credit, no credit or a history of bankruptcy might get denied for a bond. In this case, the court won’t accept your choice of executor.
What’s the age of the person?
Technically, you only need to name one executor. However, naming an additional executor younger and healthier than the other executor is worth considering. The older executor might pass away before you, but chances are the younger one will outlive you.
Before making any final decisions, you might want to learn more about the role of an executor. Knowing what an executor is expected to do might make your decision easier.