What is an executor and how to I choose one?
An executor is a person appointed by a testator to carry out the terms of their will.
Anyone aged 18 or above can be an executor. Many people choose their spouse or adult children. The executor can also be a beneficiary.
So how do I choose one?
Above all else, you want to choose someone who is responsible. Your executor will carry out your wishes and will likely have to perform tasks such as managing and selling property, paying creditors, distributing your assets to others, and possibly bringing lawsuits.
Consider the age of your desired executor as this person should be expected to naturally outlive you.
Avoid prohibited persons. Louisiana does not allow the appointment of non-U.S. citizens living outside of the U.S. or convicted felons.
You may also appoint more than one executor who would act as co-executors. This scenario usually takes place if you know two people who have skills and personalities that make them both good candidates for the role together.
By law, your executor will receive 2.5% of your estate as compensation; however you may choose to leave them more.
Last, you may want to get the approval of your desired executor before naming him or her in your will. You can inform this person where you keep all of your important documents and financial information and discuss your future wishes.
If you are interested in drafting a will or you have been named an executor of a will and would like more information, contact an experienced attorney at De St. Germain Law Office today, at (985) 718-4550, or by email to schedule a free initial consultation.