When you choose an executor for your estate, what should you look for? You might feel like the most important factor is that you can work together and that your executor should understand you. But is that the case?
In reality, you may actually want to look at other options. But why?
Executors and communication
Forbes discusses what executors actually do. Executors hold the central role in your estate plan, so they have a lot of responsibility on their shoulders. Accordingly, the person you choose needs to meet the demands of the role.
For example, executors will serve as a central hub for communication. They communicate with other members of the estate, such as your attorneys and financial advisor. They also communicate with any debtors that you still owe assets to. Finally, they will communicate with your beneficiaries, too.
To that end, they must have time management, self-management and good social skills. They will not have anyone else to look to for directions, so they must know how to lead themselves.
Sticking through probate
They should also have a lot of free time due to the fact that they will need to stick with the estate through the entire probate process, which can last years.
During this process, they must manage the small details of your estate, too. This can include shutting off certain services for unnecessary bills, ensuring that necessary services stay active and paid, and more.
Unfortunately, not everyone has what it takes to manage these tasks. This is why an executor’s skills should come first in consideration.