One of the most crucial tasks when estate planning is to name someone to handle things when you pass away. That person is known as the executor, and their job is to execute the wishes you lay out in your estate plan.
If someone were to do a bad job, it would cause a lot of problems for your family, so think carefully about who you pick. Here are some qualities you should look for:
A willingness to do this for you
The person is, in effect, doing you a favor. They are handling a set of tasks that you yourself cannot. While they can claim some compensation for the task, they are not going to be amply rewarded. It can be time-consuming and sometimes stressful, so it is more of a volunteer role than anything else.
A certain talent for the job
You do not need to pick someone who has carried out the role before, although that could be a plus. What you do need is to find someone with good organizational skills, a decent head for figures, and the ability to communicate with others. The executor will need to be in touch with all the beneficiaries, as well as inform anyone you owe money to, so a mathematical genius who hates talking to others is unlikely to work out well.
Complete honesty
If you think you can trust someone but are unsure, rule them out. Whoever you choose will have considerable power, and while a court will oversee things, you still need to be able to trust them completely.
Remember, they don’t have to do this alone. They can seek legal guidance to help things go smoothly when called upon to execute the estate.
