Residents in Indiana who are creating a will or a trust will need to make many decisions. In addition to choosing what they want to happen to their assets after they die, these people will need to identify a person or a team of people that will be responsible for making sure their wishes are properly carried out. But, the reality is that there is far more to the job of an executor or a trustee than asset distribution.
As Forbes explains, there are many legal and financial responsibilities to being someone’s trustee or executor. For these reasons, people should avoid rushing in to name someone to these roles based soley on relationship. These decisions should not be made by popularity vote and can benefit from being evaluated more like a business decision. An executor, for example, will need to ensure all taxes are properly filed and debts are paid before any assets are distributed.
In situations where the potential for conflict between beneficiaries exists, it may be wise to select a non-relative to the role of executor or trustee. A family member may be identified as a co-executor or co-trustee if desired.
AARP adds that people should select persons who are most likely to be available for the job when the time comes. If they are making a will at the age of 40, selecting a person who is 80 is not necessarily the best route to go since statistically the older person is apt to die before the younger one.
