The Decision May Make All the Difference
Part of planning for your future includes ensuring your family is cared for when you pass away and the list to cover can be quite long. You want to have the correct amount of life insurance so your family doesn’t have to worry. The higher your net worth, the probabilities are higher that you will have numerous policies, shareholder’s agreements, stocks, bonds, and annuities. While determining the best way to set up your financial matters, you need to decide who will step in as your executor.
Make the best choice when estate planning. Mississippi’s requirements for an executor are pretty basic. Your executor must be at least 18-years-old, be of sound mind, and not have any felony convictions. However, finding the right person to carry out your wishes is not always as simple as that though. Executive Planning Group understands this is not an easy task and can step in to help. Let us assist you in setting everything up the way you want it to be.
5 Qualities to Consider in Your Executor When Estate Planning
The choice may be obvious for you, but your executor will step in your place to handle your estate so you want to make the best decision. Here are some qualities to keep in mind:
- They should be responsible. They do not need to know everything, but they should be competent enough to find and hire the right people to help them. They need to be able to make hard decisions. In the place of a family member, you can consider your attorney, accountant, bank, or trust company.
- They should be able to handle their own finances. The courts will often require your executor to be bonded. If they have liens against them, poor or no credit history, or have declared bankruptcy, they may not be able to get bonded. If they cannot be bonded, the courts may not allow them to serve as executor.
- Avoid letting their location sway your decision. If you have a responsible party in mind, but they live out of state, that is not a problem. They don’t need to live in Mississippi to serve as your executor. If required, they can hire the appropriate local companies to take care of some of the estate’s needs.
- Choose someone who is legally qualified. Remember that in Mississippi, your executor must be at least 18-years-old so your minor child cannot serve. The same holds for a convicted felon since they will be disqualified. Pick someone the court is not likely to refuse.
- Name someone who is patient and well-grounded. Consider those you know who can jump in and get the job done while being able to remain level-headed. Individuals prone to emotional distress and hysterics may not be a good choice!
Integrated Estate Planning to Preserve Your Wealth for Future Generations
Find the right person to act as your executor. Estate planning should be well thought out to make sure that your loved ones get what you want them to have and are taken care of. The professionals at Executive Planning Group (EPG) in Mississippi stand ready to assist you with achieving the goals you set. We serve executives, small businesses, and individuals and will help you reach your estate planning goals. Request a quote online.
Call us at 601-982-3000 to discuss your specific estate planning needs in Mississippi.
Disclaimer: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.