As you create your estate plan in Arkansas, one of the decisions you will have to make is who the executor will be. While you can choose anyone you want and even choose more than one person, this choice is very important. You should take time to weigh your options and ensure that you choose someone who will be able to handle the job. Keep in mind that your executor will manage your estate after you die. That is a lot of responsibility. Here is some insight into what makes the best estate executor.
First, AARP suggests that you choose someone who will likely out live you and be around to fulfill the obligations of the executor role. Consider health and age. The person ideally should be younger than you.
You can choose an entity instead of a person. An entity being something like a bank or financial services company. This is called a corporate executor. While this will get around the issue of whether the executor will be around when you pass away, it does come with its own issues. You may not know exactly which person will handle your estate. You may work with many different people and you will have to pay a corporate executor much more than if you chose a person you know.
Consider the person's or entity's abilities. Make sure the person understands the role and what will be expected of him or her. While you do not have to choose someone who is an expert in the field of finances or estate law, you should choose someone that knows when to consult with experts at least. This information is for education and is not legal advice.