Your last will and testament is essential if you want to make sure your estate gets distributed in the way you want after you have passed. Seeing as you won’t be around to execute your will after your death in New Jersey, choosing the right executor is arguable just as important as writing a clear and practical will.
While you might just think a close family member will do the job right, Forbes points out that you also need to consider if your executor will have a solid understanding of probate procedures and the forms and paperwork involved.
Choosing a third party
Because the probate process can get complicated, many people with sizeable estates elect to hire an expert from a trust company or bank. Should you take this option, you’ll need to be certain that you can afford to dedicate anywhere from two to five percent of your estate’s assets to the professional you hire, while still having enough left over to meet your expectations for what your inheritors will receive.
Choosing someone in your family
If you have a close family member, such as your spouse or child, whom you think can handle the process of executing your will, that may be a solid option. Always think ahead when you are making this decision. Will the person you choose still be the right person in 20 years?
Thinking through this carefully while you still can is essential, and it is a good idea to come up with a list of potential backups. As you may wish to change your mind somewhere down the road, it is better to be prepared than to have to think on the spot while on your deathbed.