Creating an estate plan is important for all adults. This plan outlines what they want to happen if they become incapacitated, but it also includes how their assets should be handled when they pass away.
One thing that some people don’t realize is that part of creating an estate plan is naming the executor. This is the individual who will handle everything related to the estate. There are several qualities that the executor should possess.
Ability to avoid self-consideration
The executor should follow the instructions and wishes of the creator. They shouldn’t think about their own wishes or what’s most beneficial for them. Being able to avoid self-consideration during the estate administration process ensures there won’t be any self-dealing. They should also be able to stand up for the creator’s wishes if others try to get them to do something other than what the creator wanted.
Ability to follow the law
Following the law is critical during the estate administration process. Part of this process involves paying the estate’s debts in accordance with a set order. It also includes passing out the assets to the beneficiaries once the creditor claims and other financial obligations of the estate are handled. They should have some financial savvy so they can handle those duties.
Creating a comprehensive estate plan can be complex, but working with someone familiar with this process may reduce the stress for the creator. This should be done as soon as possible so the creator can rest assured that they have everything in order for their loved ones.