When creating an estate plan, you likely first think about how you will divide your possessions among your loved ones. However, choosing the right person to manage and distribute your property can be just as important. What should you consider when naming an executor for your estate?
Your executor should be someone you trust.
Acting as executor for an estate is an important task. You want to choose someone who you trust to act responsibly at every stage of the process and who can communicate effectively with your loved ones.
Your executor should have the skill necessary to manage your estate.
CNBC reports that it takes on average around 16 months to close an estate after someone passes away, and larger estates may take years. During that time, your executor must manage the assets in the estate, pay debts and file taxes. Choosing someone with the financial acumen to effectively manage those possessions before they pass to your heirs is crucial.
Your executor should be able to handle the emotional strain of the probate process.
The probate process is stressful, and communicating with your loved ones can be a challenging experience. Someone who can be compassionate to your loved ones during probate and manage conflict that arises will be better able to make sound decisions during this difficult time.
Your executor should keep the best interests of your loved ones in mind.
Ultimately, you create your estate plan to support your loved ones and ensure they receive their inheritance. Choosing someone who will center your loved ones’ needs when making decisions will help ensure that your heirs are treated equitably per the terms of your estate plan.
Choosing an executor can be challenging, but careful thought and experienced legal guidance can help you select a trustworthy executor and protect your estate.