Who do you pick? You need to name an executor to your estate. Your children come to mind. Two of the three seem like potential candidates. The third? No way. You love your youngest son, but his life has been filled with pitfalls, financial struggles and general unreliability.
In deciding who serves in the executor role, you need to determine just the right person. This person should be available, trustworthy, organized and has the savvy to complete the numerous tasks to settle your estate. For example, they should be able to meet deadlines, work with creditors and settle disputes among heirs.
Trustworthy, organized and patient
There are many critical qualities you want in the person who serves as the executor of your estate. Here is a list of some of them:
- Trustworthy: An executor protects the estate and fulfills the wishes of the person who owns the estate. Reliability is a crucial characteristic to get the job done.
- Willing and available: This person also should be confident in fulfilling the many duties. He or she should have the time and willingness to complete tasks that are not always the easiest to do.
- Financially savvy: A solid background in understanding of investments, securities and tax matters is helpful. Executors deal with investment companies, banks and creditors along with state and federal governments when settling estates.
- Organized and patient: With the numerous duties come much paperwork and communiques. Organization is important and so is patience because some matters may move at a snail’s pace.
- Calm: You want someone who remains composed and unflappable in situations that may call for it. One such occasion: serving as a referee in dealing with disputes among heirs.
An executor gets things done and serves as an advocate for the estate. You want someone in this role who is prepared to commit up to a year or more and has the skills, knowledge and demeanor to complete this important work.
Make careful consideration when choosing an executor. You want that person to know the importance of the role, take the duties seriously and stand up for the estate and your wishes.