You may have the perfect choice in mind to serve as your estate executor, someone like your spouse, a person who will have your best interests at heart. While it is natural to feel that your spouse or another family member is the best pick to close out your estate following your death, your estate plans might run into problems if you are about the same age as your executor.
As Daily Caring explains, you need to consider the age and health of the person you want to be your executor. You might live for many years after you compose your initial estate plans, so you want your executor candidate to outlive you so that your executor can take on the job when needed.
Considering the age of your executor
Designating a peer to be your executor might run the risk that your executor may not outlive you, especially if you live to an old age. Even if your choice for executor does outlive you, he or she may be in such poor health that handling your estate is simply not a feasible option. Picking a younger person than yourself to be your executor may avoid this situation.
You also have the option of creating a list of backup executors. In the event your chosen executor dies before you do, one of your backup executors will administer your estate instead after your death. This may increase the odds that someone you know and trust will be in charge of your estate.
Picking a corporate executor
You can also include a corporate executor as part of your list of backup executors. Some people prefer naming a bank or a financial services operation to close out their estate since a business might seem more likely than not to outlive a person.
However, financial service businesses and banks can fail like any business. You might choose a corporate executor without knowing that the institution is on weak financial ground. As a result, the institution could go out of business before your death.
Weighing your options
While you want your executor to be somebody you trust, you should feel confident that whoever you choose will be available and able to carry out your estate wishes. Because of this, it may take additional effort to come up with your choice of an executor and perhaps backup choices to help ensure that your heirs will receive their inheritance.