Choosing the right person to handle the distribution of your assets and fulfill your final wishes takes careful consideration. The executor of your estate plays a pivotal role in ensuring a smooth process for your beneficiaries, making it an important decision.
There are a few essential traits to look for in any potential executor.
1. Responsibility
The executor of your estate should be someone with a proven sense of responsibility. Your executor is in charge of managing your estate, paying your debts and distributing your assets based on your wishes. Choose someone you can trust to carry out those tasks accordingly.
2. Organization
Estate matters involve substantial amounts of paperwork with deadlines to consider. Organizational skills play a key role in keeping all of the documents together and organizing creditor claims.
3. Communication skills
Your executor will need to interact with a variety of people, including creditors, beneficiaries and financial institutions. Good communication skills can help convey information properly and make the settlement process smoother and easier.
4. Impartiality and reasonability
Carrying out your wishes with your assets may lead to conflicts, questions or challenges from others who disagree with your estate plan. Your chosen executor needs confidence in making impartial and reasonable decisions during the process, even in the face of that potential stress.
5. Problem-solving
Sometimes unexpected challenges arise during estate settlement. An executor with creative problem-solving skills can settle those challenges and keep the process moving. Critical thinking skills and consideration of the legal ramifications will help your executor settle potential problems.
According to AARP, 29 percent of adults without an estate plan believe that they do not have enough assets to leave anyone. Estate plans help those at all income and asset levels to ensure the proper distribution of their assets and an executor is an important part of an estate plan.