One of the most important tasks when creating your estate plan is to nominate an executor. They will implement your plan when you die, and it’s a position of great responsibility.
Picking the right person for the job increases the chance that things go to plan. While a probate court will provide oversight for those estates that pass through probate, there is still the potential for a poor choice of executor to create problems. The following are qualities to look for when thinking about who to name.
Complete trustworthiness
While you cannot guarantee how someone might act in any given situation, you should opt for someone whose honesty is currently unquestioned — not just in your mind, but in the mind of others. You are placing a great deal of faith in that person to adhere to your wishes and do what is right by your beneficiaries and heirs.
Well-organized and methodical
Dealing with a person’s estate involves a lot of different tasks, many of which have deadlines. Someone methodical is less likely to overlook something important. While the person you choose doesn’t necessarily have to be a financial wizard, they should have the capacity to handle the job — or understand when they need to hire help.
Available to do the job
Some people are so busy with families, businesses or volunteering that they simply won’t have the time to do a good job with an estate. Make sure that the person you choose to handle your estate actually has both the ability and inclination to devote the energy and time necessary for the job.
People’s situations change over time, so it’s wise to review your choice of executor regularly to make sure they are still willing and able. It’s also advisable to put one or two backup options in place to avoid delays if the first-named person cannot act when needed. Experienced legal guidance can help you document your choices appropriately.