Choosing an executor is a key decision during estate planning. Due to the criticalness of their role, you want to name a reliable party – someone who will ensure your wishes are fulfilled and your beneficiaries receive their inheritance without difficulties.
So, what qualities should you look for to pinpoint someone who can attain this?
Responsibility
An executor should be responsible. They should know how to keep records, when to hire professionals, how to keep track of all assets and so on. A responsible person is also attentive to detail, which is essential when handling an estate.
You can identify a responsible person by looking at how they manage their life.
Objectivity
Even though you will leave documents with instructions on how to manage and distribute the estate your executor will make some decisions.
Estate administration can be an emotional experience. Besides dealing with the reality of losing a loved one, it can intensify existing family tensions, leading to disputes. Choose an executor who can make informed decisions without being distracted by these emotions.
Availability
The time it takes to settle an estate depends on several factors, including the size and complexity of the estate and the existence of disputes. It can take months or longer before your assets are distributed. Therefore, consider choosing someone with a flexible schedule – a person who will be available throughout the process.
Your loved one who travels regularly for business or lives far away may miss deadlines. Timeliness is a vital quality to look for in an executor.
Financial stability
The probate court may not accept an executor with multiple debts or one who can’t secure a surety bond. Thus, consider choosing someone financially stable.
An executor with the right qualities can ensure a smooth experience for your beneficiaries. Get more information to pick the right party.