There are many complicated decisions to make during the estate planning process. Not only must you choose a qualified guardian for your children and the beneficiaries of your property, you must select the executor of the estate. The executor plays a vital role in managing the estate property and assets once you pass. That is why it is critical you select a person who is well-qualified and is up for the job.
Before you consider who you would like to act in the role of estate administrator, it is important that you know the roles and responsibilities of the position. In addition to submitting paperwork to insurance companies, tracking down assets and property, paying any existing debt from the estate’s funds and protecting the property from theft or vandalism, the executor must find all of the beneficiaries named in the last will and testament and ensure each receives the property and/or assets intended to them.
It goes unsaid that with such a long list of responsibilities, you want to choose a person who has the following qualities:
- Extremely organized
- Detail oriented
- Punctual and is able to meet deadlines
- Responsible
- Able to work well with other professionals, including attorneys, judges and accountants
- Trustworthy
Finding the right executor is a fine balance between choosing a person who is mature and someone that is young enough to outlive you.
Keep in mind that even after you select someone to act as executor, you can modify your last will and testament to change the person if needed. You may want to ask the person you have picked as executor to ensure they can take on this responsibility.
This information is intended to educate and should not be taken as legal advice.