The executor for your estate has a very important job. After you pass away, they will be in charge of filing court papers to start probate, taking inventory of your estate, paying your estate’s bills and taxes, distributing assets to your beneficiaries, and more. It goes without saying that your executor should be a person you trust—but what other qualities should you look for in an executor? Here are a few things to think about before you make a decision.
1) Proximity
First of all, your executor should be close to you—both in terms of your relationship and in terms of geographic distance. While it’s not impossible to deal with your estate from a distance, it can be more difficult, so an ideal executor will live in your area. When it comes to your relationship, you might already have a spouse or child in mind. If not, you may be able to ask a close friend that you trust.
2) Longevity
A spouse or friend may not always be the best choice if that person is close to your age or in poor health. It may be more prudent to ask someone who is more likely to be around after you’re gone, like a younger person who is in good health.
3) Experience
It’s important for your chosen executor to have experience managing money, dealing with financial institutions, and keeping careful records. They will also need to observe various deadlines. The perfect executor should be reliable, honest, patient, organized, and able to handle lots of paperwork.
4) Willingness
You may have the perfect person in mind, but you’re not sure if they have the time and willingness to work through the several-months-long process of probate. If your chosen executor declines the role, the court will appoint someone else. If your executor is relatively inexperienced with financial and legal matters, they must also be willing to research and learn about the process of settling an estate.
5) Guidance
Whether or not your executor is experienced in financial matters, they must be comfortable seeking professional help when they need it. When they need assistance with the probate process, they should be able to call an accountant or an attorney at your estate’s expense. It’s important that you appoint someone who will seek out a professional’s expertise when it’s necessary.
If you still can’t decide on the right person to act as the executor of your estate, you may want to consider naming a third party executor, like an estate planning lawyer. Whatever you choose, remember that you can always call the dependable attorneys at Estate & Long Term Care Group for professional support and guidance. We can help you draft a legally sound will, plan ahead for probate, and save time and money for your family in the process. Get in touch with us today.
Written by ELTC Law Group
