In addition to creating a solid estate plan, you must also select an executor to oversee processes related to your will. A will’s executor has numerous responsibilities, such as dealing with probate matters, settling debts, and providing assets to heirs according to the terms included within your will.
Because the job is so important, you must choose the right person to carry it out. Here are a few things to look for when it comes to a reliable executor.
Your executor will have access to your entire estate and assets. They must locate creditors and pay off any remaining debt you have, which calls for impeccable financial responsibility. People who are poor with money management or tempted to make expensive purchases in their personal lives could fall short when assuming the role of executor.
Good organizational skills
Being an executor means lots of paperwork and lots of court filings. As a result, your choice should exhibit good organizational skills in their own lives in order to do the job with aplomb. Errors and missed deadlines are not only inconvenient, but they can also prevent your heirs from receiving assets and lead to major legal hassles.
Sufficient free time
In addition to the above qualities, your executor must also have enough time to carry out their duties. While many estates take about 16 months to settle, the process can last years in some cases. Accordingly, the person you select must be able to fit their duties into their existing schedule. If a person has lots of family or work obligations, they may not be the best fit for your needs.
Once you have decided on a person, address the matter with them immediately. They may be unable or even unwilling to perform their duties, which should take them out of the running.