How to Choose An Executor for Your Will?
Choosing the right executor for your will is a crucial decision that can significantly impact the probate process and the distribution of your assets.
Consider these factors carefully and select an executor who possesses the necessary qualities and skills to ensure a smooth probate process.
It’s also a good idea to name an alternate executor in case your primary choice is unable or unwilling to serve when the time comes.
#1 Trustworthiness and Integrity
The executor should be someone you trust implicitly to carry out your wishes faithfully and honestly. They will have access to sensitive financial and personal information, so it’s essential to choose someone with a high level of integrity.
#2 Organizational and Administrative Skills
The executor should be well-organized and capable of handling the administrative tasks involved in probating an estate. This includes managing paperwork, communicating with beneficiaries, and ensuring that deadlines are met.
#3 Availability and Commitment
Serving as an executor can be time-consuming and may require a significant commitment of time and effort, especially during the probate process.
Choose someone who has the time and availability to fulfill their duties promptly and efficiently.
#4 Ability to Remain Impartial
The executor should be able to act impartially and fairly when carrying out their duties, regardless of their personal relationships with beneficiaries. They should prioritize the best interests of the estate and its beneficiaries above their own interests or preferences.
#5 Location and Accessibility
Consider the geographic location of potential executors and whether they are easily accessible in case of emergencies or the need for in-person meetings. While it’s not always necessary for the executor to reside in the same location as the deceased, proximity can be beneficial in some cases.
#6 Willingness to Serve
Before naming someone as executor in your will, it’s essential to discuss the role with them and ensure that they are willing to take on the responsibility.
Serving as an executor can be emotionally and mentally demanding, so it’s important to choose someone who is prepared for the task.
#7 Longevity and Stability
Consider the potential lifespan and stability of the chosen executor. While it’s impossible to predict the future, selecting someone who is likely to outlive you and remain stable and competent throughout the probate process can help ensure a smooth administration of your estate.
Concluding Remark
An Executor’s role is of utmost importance, and hence it is necessary to give more thoughts into selecting one. If there is no suitable person you have in mind, consider appointing a Corporate Executor to assist in your estate distribution.
A corporate executor/trustee is bound by the Singapore Trustees Act to perform its fiduciary duties accordingly. The estate planning company providing corporate executor-ship is also under the regulation of the MAS (Monetary Authority of Singapore). Therefore, this is a viable option for people who wants their estate to be taken care of, but have no idea who to turn to.
