Your executor is responsible for managing your estate, ensuring your debts get paid and distributing your assets. The person who administers your estate can greatly impact the execution of your final wishes.
Therefore, you should understand what to consider when you choose your estate executor.
Trustworthiness and reliability
In the U.S., 67% of people have no estate plans, which puts the state or a judge, instead of an executor, in charge of their asset distribution. As you create your estate plan, choose an executor you trust implicitly to manage your estate affairs honestly and responsibly. Look for reliable individuals with integrity in their personal and professional lives.
Organizational, financial and administrative skills
Managing an estate requires meticulous attention to detail and strong organizational skills. When you set up your estate plan, choose an executor with the ability to handle paperwork, manage finances and communicate effectively with your beneficiaries. Choose someone who has the time to dedicate to the task.
Conflict resolution abilities
Conflicts may arise among beneficiaries or creditors during the estate administration process. Your executor should possess the ability to handle disputes calmly and diplomatically, ensuring that conflicts get resolved amicably.
Understanding of your wishes
A good executor will have a clear understanding of your wishes and intentions regarding the distribution of your assets. They should interpret your will accurately and carry out your instructions faithfully.
Age and health considerations
While age alone should not disqualify someone from serving as an executor, consider whether the individual is in good health and likely to outlive you. Choosing an executor who is significantly older or in poor health may not be advisable.
As you determine your best candidates, remember that your executor should feel comfortable collaborating with accountants, financial advisors and other professionals to ensure the smooth handling of your affairs.