When making your estate plan, settling on an executor is among the most important decisions you may have to make. This is the person responsible for administering your estate per your wishes.
Your executor is charged with paying off any outstanding debts, closing accounts, and distributing assets and property to the beneficiaries. In short, they will be acting on your behalf when you are no longer around. Therefore, having the right person for the job is very important.
What qualities should your executor have? The following are important:
Patience and diplomacy
Administering an estate may take time, and you need someone patient enough to see the whole process through. They should also be able to deal with disputes that may arise among the beneficiaries and ensure that things don’t blow out of proportion.
Ideally, your executor should be someone you trust. You need someone who will execute your wishes to the letter without any self-interests, someone who will handle your financial and personal matters with the utmost integrity.
Good organizational skills
Given the many duties an executor has, they need to be well organized. For example, gathering and identifying all your estate’s property may involve a lot of paperwork – which is why you need someone meticulous and keen to detail.
Energy and vitality
It would not make sense if you outlived your executor or if the time comes and they are not in a position to discharge their duties. As such, you need to consider their age and health before appointing someone to such a critical position. In addition, make sure they agree to the role.
Learning more about the duties and expectations of your executor will help you prepare and make the right decision for your estate. Remember, even the perfect estate plans can be ruined if you pick the wrong executor.