The executor you choose to administer your estate plan should possess qualities best suited for the role. While this matter can be subjective, depending on the nature of your estate and personal preferences, some qualities are integral to the performance of an executor’s duties.
Here are four of those qualities:
1. Responsibility
An executor should be responsible. They should be able to perform their duties competently, including communicating with beneficiaries and interested parties, paying debts, filing tax returns, managing properties and so on.
Further, they should be well-organized, keeping accurate records of the estate’s assets and financial transactions. They should be able to provide an accurate accounting of the estate’s assets and expenses when needed.
2. Excellent communication skills
An executor needs excellent communication skills, as they will communicate with different parties when performing their duties. They need to inform beneficiaries and interested parties about the will going to probate, keep beneficiaries informed about the estate and probate and negotiate repayment terms with creditors.
Additionally, your executor should communicate with other professionals involved in your estate plan, such as your lawyer and financial advisor. Thus, selecting someone not much good at communication to administer your estate may be unwise.
3. Financial stability
It helps when an executor is financially stable. This is because they can purchase a surety bond to be appointed when required by the court. Besides, financial stability indicates they have the skills to manage their finances. Therefore, they can successfully manage yours before distribution.
4. Age and health
It’s not recommended to choose an executor who is much older than you, as you could outlive them. Additionally, pick an executor whose health will allow them to serve without difficulties.
These are a few examples of the qualities to look for in an executor. Once you find the most suitable party, consider legal guidance to validate their appointment.