Naming an executor is an essential part of estate planning. The party you choose ensures your estate plan protects your loved ones as you intended. Therefore, you should be extra careful when choosing one.
The following are four factors to consider when choosing an executor:
Due to the criticality of an estate plan, the executor you choose should have a reputation of being trustworthy and able to maintain relationships. Someone who has betrayed others in the past, won’t be suitable for the position.
An executor’s role requires organization. They manage assets before administration, pay debts, pay taxes, communicate with beneficiaries and interested parties and distribute assets. It can be challenging to perform these duties competently without organizational skills.
Observing how someone handles their daily tasks, and life in general, can help you tell if they are organized.
3. Attention to detail
Estate planning is primarily focused on details. Every detail in your will, guardianship designation, healthcare power of attorney and other documents, is vital. An executor should pay attention to all details to avoid costly mistakes.
You can tell someone is detail-oriented by having a lengthy conversation with them. How they listen and ask questions should inform you if they have this quality.
Consider choosing an executor who lives near you. If they move far away, you might want to swap them out for someone who will be better placed to deal with all those little tasks that executing an estate can involve.
The above-discussed factors can help you choose a dependable executor. You should also get legal guidance to make informed decisions in every aspect of your estate plan.