When it comes to planning for the future, one crucial decision you will need to make is choosing an executor for your estate. This person will help manage your affairs and carry out your specific wishes after your passing.
To make certain that you select the right person for the job, you must keep important characteristics and qualities in mind.
Trustworthiness is key
The executor you select should be someone you trust implicitly. This individual will have access to your financial information, assets and personal documents, so their integrity is of utmost importance. The best candidate will be honest, responsible and have a strong sense of duty.
Organizational skills
An executor’s role can be quite demanding, involving tasks such as gathering and managing assets, paying bills and distributing your assets as per your will. Thus, they need to be highly organized and capable of keeping track of various details.
Availability and accessibility
Your chosen executor should be readily available and accessible when needed. This is especially important during the probate process or when settling your affairs. Ensure the person you select has the time and flexibility to fulfill their duties effectively.
Financial literacy
Managing finances is a significant part of the executor’s job. They should have a good understanding of financial matters, including taxes, investments and budgeting. It is important for them to make informed decisions to protect and preserve your estate.
Impartiality
Your executor should be impartial and able to handle any disputes that may arise among your beneficiaries. They must make decisions based on your will’s instructions, rather than personal preferences or biases.
Age and health
Consider the age and health of your prospective executor. While younger individuals may be more accessible, they may lack the experience and wisdom that come with age. On the other hand, older executors may bring experience but could face health limitations.
Geographical proximity
Proximity can be a significant factor, as your executor may need to handle matters that require their physical presence, such as attending court hearings. Select someone who resides in the same geographical area or is willing to travel.
As reported by CNBC, 67% of people in the U.S. do not have an estate plan. Along with creating a will and other documents, you must also make a thoughtful selection regarding your executor to ensure proper handling of assets.
