When choosing your executor, you likely want to go for someone that you know well. However, what you should be aiming for is someone who can stand up to the responsibilities that the role entails.
Estate executors actually do a lot of heavy lifting when it comes to an estate plan, but what exactly are the things they do?
The estate plan “manager”
Forbes discusses the estate executor’s duties. They act as managers in a sense, ensuring that all parts of the estate plan get carried out smoothly and without any hitches.
For one, they must stay on the same page with the estate plan’s attorney. They work together to ensure that any documents which need signing or filing get finished in the appropriate amount of time.
Handling financial matters
They handle most financial matters, too. This includes using estate assets to repay any remaining debts, filing out your final tax form and canceling or maintaining ongoing bills as necessary.
They will also hand out any remaining assets after the probate process, so they need to have strong communication and people skills, too. After all, they will handle contact with your loved ones, who will likely still be in an emotional state during the earliest stages of communication.
Executors need strong self-management skills, good time management, and the ability to take on a project and lead it. Unfortunately, not everyone has these skills, so you should make sure you choose your executor based on who can rise to the task rather than who knows you best.