One crucial element to consider when making your estate plan is who will implement it when you pass away. This person is known as the executor of your estate.
Honestly is critical. You would not want to risk someone stealing your assets for themself and leaving your family empty-handed. But what other attributes do they need?
1. A willingness to do it
It is easy to say yes to something you know you might not have to deal with for years. What you need is someone who will stick to their promise. It’s not a particularly attractive task, as they can only claim a small amount of compensation that does not fully compensate for the time and effort it will take. That’s why someone like a long-term friend can be a good choice, as you know they will do what they can to help you.
2. A certain degree of organization and all-around ability
The job does not require a genius, nor does it require a military level of organization. Yet you want someone who will not be fazed by the fast learning required nor struggle to remember the appointments they make.
3. Decent people skills
The executor is going to have to deal with various people. Examples include a probate court judge, grieving family members, and possibly creditors desperate to get their money back. Being able to handle them all with grace and aplomb will ease the process for everyone.
If you think you have found the right choice of executor, seek legal help to properly include them in your estate plans. Estate plans don’t have to be complicated, but you do want them to be tailored to your needs.