When you’re creating your estate plan, you have to decide who will handle the administration duties after you pass away. The individual you choose is known as the estate executor.
While you may be tempted to name your significant other or next of kin, that might not be the best idea. Those individuals will be dealing with the emotions that come with your death, so it may be best to consider someone else. Regardless of who you’re considering, be sure to remember these important qualities for an estate executor.
Attention to detail
The executor must be able to go through extensive records for your estate. Some of the duties they have to take care of include paying debts, managing taxes, inventorying assets and distributing assets. All of these must be handled as efficiently and comprehensively as possible.
Integrity and impartiality
An executor has a legal and ethical duty to follow the instructions in your estate plan, as well as any applicable laws. They must be committed to being impartial, particularly if they’re faced with an estate dispute between heirs or beneficiaries. The executor should be able to put aside their own biases and thoughts to follow your wishes.
Selecting the correct estate executor is only one part of estate planning. You must also ensure that all the other components are set up properly so they can be followed precisely. This may be much easier if you work with someone who’s familiar with estate planning and can help to ensure your wishes are relayed effectively.