Whether you are creating a will or updating this important document that transfers your assets to beneficiaries upon your death, you understand the important decisions involved. One of them is choosing an executor.
Who should that person be? It does not have to be your spouse, parent, brother, sister, son, daughter or another relative. In some situations, this list of people may be the least likely candidates to fulfill the complicated and time-consuming duties of an executor. You need someone with the right characteristics.
Trustworthy, available and savvy
Among the characteristics to strongly consider when choosing an executor include:
- Trustworthy and dependable: Whether your assets are abundant or modest, you still need someone who you can count on to oversee your estate and fulfill your wishes.
- Even-tempered: Having a calm and level-headed person in your corner works to your advantage. This trait will come in handy with rising challenges such as settling disputes among heirs.
- Patient: It may take a year or longer to settle an estate, so you want an executor who has can complete the extensive list of duties that include settling the estate, paying outstanding bills and taxes, locating and distributing property, and locating heirs.
- Availability: Make sure this person has the time and room in his or her life to perform an executor’s duties.
- Financially savvy: Having someone who has experience dealing with investments and finances is another important advantage.
- Confident and comfortable: The goal is to successfully complete an executor’s duties and settle the estate. A person who knows that they can accomplish these tasks is a solid ally.
- Solid organization skills: Many tasks call for someone who can prioritize them and be organized.
With a dependable executor, the probate process may go much more smoothly.
Someone who understands the responsibility
Take careful consideration when choosing an executor. You want your estate in the hands and under the watchful eyes of a person who has the ability and understands the responsibility of this significant role.